RE: I dont understand21 Dec 2020 08:13
Novice
Basically, this would be away to limit the potential damage clements can cause and makes sure Amigo isn't over exposed to the current claims. Imagine you are in debt and you are about to lose your house. This would be like you agreeing to pay some cash (you can afford) then pay 5% from your wages each month until you were back in the black
A Scheme of Arrangement helps a company in the restructure of its debt, and aids recovery from financial distress. It is not an insolvency process and is utilised under the Companies Act 2006 rather than insolvency legislation, but it must still be sanctioned by court process.