The nature of a scheme of arrangement was not closely defined, and an arrangement with creditors could be described as such even though it might give no prospect of a payout to the creditors. A voluntary arrangement approved by a majority of the creditors was binding on the Inland Revenue even though no dividend might become payable under it.
Citations:
Times 02-Aug-1999
Jurisdiction:
England and Wales
Insolvency
Updated: 17 June 2022; Ref: scu.82338
