{
  "url": "https://openlegislation.uk/insolvency-rules-1986/rule-5.37",
  "json_url": "https://openlegislation.uk/insolvency-rules-1986/rule-5.37.json",
  "legislation": "uksi/1986/1925",
  "legislation_title": "The Insolvency Rules 1986",
  "legislation_url": "https://openlegislation.uk/insolvency-rules-1986",
  "path": "rule/5.37",
  "kind": "rule",
  "number": "5.37",
  "heading": "Contents of proposal",
  "text": "(1) The debtor’s proposal submitted under section 263B(1) shall—\n(a) be accompanied by any fee payable to the official receiver for acting as nominee; and\n(b) contain—\n(i) a statement that the debtor is eligible to propose a voluntary arrangement;\n(ii) a short explanation why, in his opinion, a voluntary arrangement is desirable, and give reasons why his creditors may be expected to concur with such an arrangement; and\n(iii) a statement that the debtor is aware that he commits an offence under section 262A if, for the purpose of obtaining the approval of his creditors to his proposal, he makes any false representation, or fraudulently does, or omits to do, anything.\n(2) The following matters shall be stated, or otherwise dealt with, in the proposal—\n(a) the following matters, so far as within the debtor’s immediate knowledge—\n(i) his assets, with an estimate of their respective values;\n(ii) the extent (if any) to which the assets are charged in favour of creditors; and\n(iii) the extent (if any) to which particular assets are to be excluded from the voluntary arrangement;\n(b) particulars of any property, other than assets of the debtor himself, which is proposed to be included in the voluntary arrangement, the source of such property and the terms on which it is to be made available for inclusion;\n(c) the nature and amount of the debtor’s liabilities (so far as within his immediate knowledge), the manner in which they are proposed to be met, modified, postponed or otherwise dealt with by means of the voluntary arrangement and (in particular)—\n(i) how it is proposed to deal with preferential creditors (defined in section 258(7)) and creditors who are, or claim to be, secured;\n(ii) how associates of the debtor (being creditors of his) are proposed to be treated under the voluntary arrangement; and\n(iii) whether, to the debtor’s knowledge, claims have been made under section 339 (transactions at an undervalue), section 340 (preferences), section 343 (extortionate credit transactions), or whether there are circumstances giving rise to the possibility of such claims,\nand, where any such circumstances are present, whether, and if so how, it is proposed under the voluntary arrangement to make provision for wholly or partly indemnifying the insolvent estate in respect of such claims;\n(d) whether any, and if so what, guarantees have been given of the debtor’s debts by other persons, specifying which (if any) of the guarantors are associates of his;\n(e) the proposed duration of the voluntary arrangement;\n(f) the proposed dates of distributions to creditors, with estimates of their amounts;\n(g) how it is proposed to deal with the claims of any person who is bound by the arrangement by virtue of section 263D(2)(c);\n(h) an estimate of the fees and expenses that will be incurred in connection with the approval and implementation of the voluntary arrangement;\n(j) whether, for the purposes of the voluntary arrangement, any guarantees are to be offered by any persons other than the debtor, and whether (if so) any security is to be given or sought;\n(k) the manner in which funds held for the purpose of payment to creditors, and not so paid on the termination of the voluntary arrangement, are to be dealt with;\n(l) the functions which are to be undertaken by the supervisor of the voluntary arrangement;\n(m) an address of the official receiver to which correspondence with the official receiver is to be sent;\n(n) the names and addresses of all the debtor’s creditors so far as within his immediate knowledge; and\n(o) whether the EC Regulation will apply and, if so, whether the proceedings will be main proceedings or territorial proceedings,\nand the proposal shall be signed and dated by the debtor.\n(3) The official receiver shall on request supply to the debtor the address referred to in paragraph (2)(m).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 5 substituted (1.1.2003) by The Insolvency (Amendment) (No. 2) Rules 2002 (S.I. 2002/2712), rule 1(1), Sch. para. 24 (with rule 3(2))"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Pt. 5 Chs. 7-12 substituted for Pt. 5 Ch. 7 (1.4.2004) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(3), Sch. 1 para. 31"
    }
  ],
  "outstanding_effects": [
    {
      "type": "substituted for rule 4.54(5)",
      "affecting": "uksi/2010/686",
      "affecting_title": "The Insolvency (Amendment) Rules 2010"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1986/1925/rule/5.37",
    "retrieved_at": "2026-10-29T16:38:55.219722+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}