Price and another v Davis and another

Insolvency – Voluntary arrangement. In considering the claimants' appeal in respect of whether they were bound by the terms of a varied individual voluntary arrangement approved at a further creditors' meeting at which they had not voted, the Court of Appeal, Civil Division, held that the reference to 'further meetings' in s 262(4)(b) was a reference to further meetings under s 257 of the Insolvency Act 1986. The creditors for the purpose of the further meetings were those known to the nominee at the date on which those meetings were summoned. Accordingly, the statutory binding under s 260 of the 1986 Act had applied and the claimants were bound by the terms of the IVA in relation to their original debt and the costs due.

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