the court may be order that they be divided into two or more classes for the purposes of voting on the scheme. Schemes were introduced into British Virgin Islands law to copy similar provisions available under Cayman Islands law, but have not proved particularly popular in the British Virgin Islands, probably because of the availability of a range of other restructuring options which do not require the time and expense of court approval. Most of the schemes which have been implemented in the jurisdiction to date relate to reverse takeovers of publicly listed British Virgin Islands companies. Plans of arrangement. Separately from schemes of arrangement, British Virgin Islands law provides for one or more companies to enter into plans of arrangement which can allow multiple different reorganisational steps to be concluded contemporaneously. These steps may include the merger of two or more companies, the separation out of a business line from a company, the liquidation or dissolution of a company, the merger or consolidation of two or more companies, the amendment of the constitutional documents of a company, any transfer of company assets or shares issued by a company, or any other "reorganisation or reconstruction" of a company. Creditors' arrangement. Under the Insolvency Act the creditors of a company enter into a creditor's arrangement to compromise their debts against the company. The effect is similar to a company voluntary arrangement under English law. The arrangement must be approved by creditors holding 75% of the value of the company's debt who were present and voting at the meeting. A creditor's arrangement cannot affect the rights of a secured creditor or preferential creditor without their consent. Minority squeeze-out. Shareholders holding in aggregate 90% of the issued shares in a British Virgin Islands company may direct the company to compulsorily acquire the shares of the remaining minority shareholders. The statutory provisions may be varied or abrogated in the company's constitutional documents, although in practice this is rarely done. Insolvency British Virgin Islands insolvency law is almost entirely codified in the Insolvency Act, 2003 and the Insolvency Rules, 2005. The Insolvency Act is "predicated heavily towards the protection of secured creditors' rights". In the British Virgin Islands a company will be deemed to be insolvent if it cash flow insolvent, balance sheet insolvent or "technically" insolvent (i.e. it has failed to satisfy a judgment debt or statutory demand letter). In each of those circumstances