If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result. The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other.This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.
The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.
Directors stay in control of the company.Large write downs of debts can be achieved.Lower Costs – now less court involvement.What are the advantages of a Scheme of Arrangement? Debts written down as per the scheme’s proposals.Meeting held where the company explains the proposals.The company sends out the proposals to its creditors, together with notice of a creditors meeting.The company draws up scheme proposals for its creditors.Companies under pressure from their creditors.Companies experiencing trading difficulties.Who should consider a Scheme of Arrangement? The new Companies Act has made Schemes of Arrangement significantly cheaper and more flexible, with the result that they are now a realistic option for struggling companies to consider. Telecommunications, Media & EntertainmentĪ Scheme of Arrangement is a process used by a company in financial difficulty to reach a binding agreement with its creditors to pay back all, or part, of its debts over an agreed timeline. Infrastructure, Transport & Regional Government