The Court of Appeal has reversed the sanction of the Petrofac group’s restructuring plans and allowed the appeal of two dissenting unsecured creditors.Re Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ...more
7/8/2025
/ Appeals ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Companies Act ,
Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Insolvency ,
Joint Venture ,
Reversal ,
Secured Debt ,
UK ,
Unsecured Debt
The English court has sanctioned the group’s interim financing plan, but the opposing creditor group’s appeal will be heard on an expedited basis.
The last 12 months have been turbulent for Thames Water. Following the...more
The evolution of the English RP continues to push the jurisdictional envelope.
The English court’s sanction of the Sino-Ocean restructuring plan (RP) marks an interesting development in the evolution of the English RP....more
2/14/2025
/ Bankruptcy Court ,
Corporate Governance ,
Corporate Restructuring ,
Cramdown ,
Creditors ,
Debt Restructuring ,
Debtors ,
Forum Shopping ,
Hong Kong ,
Insolvency ,
Pari Passu ,
Regulatory Requirements ,
Restructuring ,
Shareholders ,
State-Owned Enterprises ,
UK ,
UK Insolvency Act
Actions brought against the BHS directors by the group’s liquidators have resulted in the largest reported award for wrongful trading since the provision’s introduction, but the judgment highlights some unsettled areas of the...more
Despite three recent landmark UK restructuring plan decisions, uncertainty remains around the value, if any, a plan company should offer dissenting creditors as the “deliverability price” of a plan....more
The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.
In October 2023, the UK’s Jurisdiction Taskforce (UKJT), which is made up of...more
With the finances of several UK water companies in the headlines, the UK has updated its special administration regime for the water industry to prioritise rescuing water companies as a going concern.
The UK water industry...more
A recent decision has helped to frame the tests articulated by the Supreme Court in Sequana.
The Supreme Court’s landmark decision in Sequana[2022] UKSC 25.leaves many unanswered questions, and finding a common thread...more
How would the Spanish court tackle the issues faced by the English Court of Appeal in Adler? Our analysis provides an instructive comparison for groups, shareholders, and creditors when considering where to restructure....more
3/25/2024
/ Bankruptcy Code ,
Commercial Bankruptcy ,
Debt Restructuring ,
EU ,
Insolvency ,
Liquidation ,
Member State ,
Priority Debt ,
Restructuring ,
Shareholders ,
Spain ,
Winding Down
The decision represents the first appellate-level ruling on the Part 26A regime.
On 23 January 2024, the Court of Appeal set aside the sanction of the Adler restructuring plan (RP) in the first appellate-level decision on...more
2/1/2024
/ Cramdown ,
Creditors ,
Debt Restructuring ,
Insolvency ,
Jurisdiction ,
Lenders ,
Liquidation ,
Pari Passu ,
Priority Debt ,
Restructuring ,
Shareholders ,
UK
The model law aims to maximise group-wide recoveries in an insolvency through cooperation and efficient administration.
The UK government has announced its intention to legislate to implement the UNCITRAL Model Law on...more
Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition.
If Prospero’s plea to the audience at the...more
6/20/2023
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Commercial Bankruptcy ,
Commercial Leases ,
Creditors ,
Debt Restructuring ,
Debtors ,
Due Process ,
Guarantors ,
Insolvency ,
Jurisdiction ,
Public Policy ,
Releases ,
Scheme of Arrangement ,
Secured Debt ,
Subrogation ,
Third-Party ,
UK
The Part 26A restructuring plan has introduced significant cross-class cramdown powers that may impact the defined benefit pension arrangements in the UK.
As the UK looks set to enter a new restructuring cycle, the...more
11/11/2022
/ Buyouts ,
Commercial Bankruptcy ,
Cramdown ,
Creditors ,
CVAs (Company Voluntary Arrangements) ,
Debt Restructuring ,
Defined Benefit Plans ,
Insolvency ,
Pension Schemes ,
Pensions ,
Scheme of Arrangement ,
UK Insolvency Act
In a new ruling, the UK Supreme Court concluded that the rule applies only when a company is “insolvent or bordering on insolvency”.
On 5 October 2022, the UK Supreme Court handed down judgment in BTI 2014 LLC v. Sequana...more