| PART I: INTERPRETATION | 4 |
| 1 Miscellaneous definitions | 4 |
| 2 The Conditions | 4 |
| PART II: COMMENCEMENT, EFFECT, AND DURATION OF ARRANGEMENT | 4 |
| 3 Commencement of Arrangement | 4 |
| 4 Nature and effect of the Arrangement | 5 |
| 5 Existing proceedings against Debtor | 5 |
| 6 Existing execution against Debtor’s assets | 6 |
| 7 Mutual credit and set-off | 6 |
| 8 Duration of Arrangement | 6 |
| 9 Completion of Arrangement | 7 |
| 10 Substantial Compliance | 7 |
| 11 Termination of Arrangement | 8 |
| PART III: SUPERVISOR’S FUNCTIONS, POWERS ETC | 8 |
| 12 Supervisor’s functions | 8 |
| 13 Supervisor’s powers | 8 |
| 14 Supervisor’s powers upon completion/termination | 9 |
| 15 Exercise of supervisor’s functions and powers | 9 |
| 16 Restriction of supervisor’s duty and liability | 9 |
| 17 Supervisor’s fees, costs and expenses | 10 |
| 18 Supervisor’s resignation | 10 |
| 19 Removal of Supervisor from office | 10 |
| 20 Vacation of Office by Supervisor | 11 |
| 21 Vacancy in the office of Supervisor | 11 |
| PART IV: DEBTOR’S WARRANTY, DUTIES & OBLIGATIONS | 12 |
| 22 Debtor’s warranty | 12 |
| 23 Debtor’s duties in relation to Supervisor | 12 |
| 24 Duty to hand over property to Supervisor | 12 |
| 25 Further Documents | 13 |
| 26 Debtor’s acknowledgement | 13 |
| PART V: ARRANGEMENT ASSETS | 13 |
| 27 Arrangement assets | 13 |
| 28 After-acquired assets | 13 |
| 29 Trust of Arrangement assets | 14 |
| 30 Restriction on dispositions | 14 |
| PART VI: CLAIMS | 14 |
| 31 Notice to submit claims | 14 |
| 32 Submission of claims | 14 |
| 33 Variation of claims | 14 |
| 34 Production of documents | 14 |
| 35 Affidavit substantiating claim | 15 |
| 36 Supervisor to allow inspection of claims | 15 |
| 37 Admission and rejection of claims for Dividend | 15 |
| 38 Appeal against decision on claim | 15 |
| 39 Debts of uncertain value | 15 |
| 40 Secured Creditors | 16 |
| 41 Foreign currency Debts | 16 |
| 42 Debts payable at future time | 16 |
| 43 Interest on debts | 17 |
| 44 Cost of submitting claims | 17 |
| PART VII: PAYMENT OF DIVIDENDS | 17 |
| 45 Distribution by Dividend | 17 |
| 46 Notice of intended Dividend | 17 |
| 47 Notice of declaration | 17 |
| 48 Claim altered after payment of Dividend | 18 |
| 49 Secured Creditors | 18 |
| 50 Assignment of Debts or rights to Dividend | 18 |
| 51 Debts payable at future time | 19 |
| 52 Debts of unpaid Creditors | 19 |
| PART VIII: PRIORITY OF PAYMENTS AND DISTRIBUTIONS | 19 |
| 53 Costs and Expenses of the Arrangement | 19 |
| 54 Priority of Debts and application of surplus | 19 |
| PART IX: THE CREDITORS COMMITTEE & MEETINGS OF CREDITORS | 20 |
| 55 The Creditors’ Committee | 20 |
| 56 Power to call/requisition meetings of Creditors | 20 |
| 57 Calling Creditors’ meetings | 21 |
| 58 Cost of summoning meetings | 21 |
| 59 Entitlement to vote | 22 |
| 60 Admission and rejection of claim | 22 |
| 61 Majorities required to pass resolutions | 22 |
| 62 Chairman of meeting as proxy-holder | 23 |
| 63 Suspension/adjournment of meeting | 23 |
| 64 Record of proceedings | 23 |
| 65 Postal resolutions | 24 |
| PART X: DEFAULT PROVISIONS | 25 |
| 66 Breach by the Debtor of the terms of the Arrangement | 25 |
| 67 Procedure following breach | 25 |
| 68 Retention of funds by Supervisor | 26 |
| PART XI: MISCELLANEOUS PROVISIONS | 26 |
| 69 Third Party obligations | 26 |
| 70 Variation of the Arrangement | 26 |
| 71 Tax liabilities arising on realisations | 27 |
| 72 Invalidity and/or illegality | 27 |
IVA Standard Conditions for IVA
Published: