What are the EHYA proposals?
The proposals create a new law for restructuring large companies in financial difficulties in the UK. This is not intended in any way to change our existing insolvency laws. It would be an additional procedure. The key features would be that large companies that propose to restructure, perhaps through a CVA or a scheme of arrangement, can apply to the court for a stay of enforcement from action by their financial creditors. The companies will have access to enough money to carry on their ordinary trading operations while they go through the restructuring procedure. They would apply to the court with a statement that they are unable or likely to become unable to pay their financial debts. They would have the bones of a scheme, and they would have a document from someone we are calling a monitor who will be an insolvency practitioner or maybe an experienced turnaround person, telling the court that the company has a reasonable prospect of achieving a restructuring. The role of the monito
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