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K&L Gates LLP

Back to the Drawing Board for Restructuring Plans—Part 26A of the UK Companies Act 2006

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Saipem & Ors v Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ 821 - Executive Summary: Negotiating Leverage Handed to Out of the Money Creditors - In a sweeping decision, the UK Court of Appeal has...more

Conyers

From Dissolution to Liquidation: Creditor-Led Restoration of Dissolved BVI Companies

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Restoration applications are nothing new in the BVI. With hundreds of thousands of active companies and many more struck off due to administrative oversight, BVI legal practitioners frequently find themselves advising clients...more

Hogan Lovells

Out of the money, but not down and out: UK Court of Appeal overturns Petrofac restructuring plans

Hogan Lovells on

On 1 July 2025, the Court of Appeal handed down its judgment overturning the twin restructuring plans proposed by Petrofac Limited and Petrofac International (UAE) LLC under Part 26A of the Companies Act 2006 (the plans)....more

Latham & Watkins LLP

Redressing the Balance of Power in Restructuring Plans Petrofac in the Court of Appeal

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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

A&O Shearman

The Adler appeal: our key takeaways

A&O Shearman on

The Adler appeal: Our key takeaways from the landmark Court of Appeal judgment setting aside the Adler restructuring plan, and what it means for future restructuring plans - The Court of Appeal has handed down its...more

Conyers

Revamped Cayman Islands Restructuring Regime Takes Shape

Conyers on

Recent amendments to Part V of the Cayman Islands Companies Act have updated the domestic restructuring regime and introduced the new role of a court appointed restructuring officer and a dedicated restructuring petition....more

Conyers

Important Takeaways for Bondholders: Do They Have Rights as Contingent Creditors?

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The Cayman Islands Grand Court recently delivered its judgment in Re Shinsun Holdings (Group) Co., Ltd. FSD 192 of 2022 (DDJ) (21 April 2023) (unreported) (the “Shinsun Judgment”) in which the court determined the ultimate...more

Conyers

Key Points: Schemes of Arrangement in the Cayman Islands

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What is a scheme? A compromise or arrangement between a company and any class or classes of its creditors (and/or shareholders). The process broadly mirrors an English scheme of arrangement thereby providing legal...more

Conyers

Cayman Islands Restructuring: Getting Oriented With the New Regime – Part II

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On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers in Re Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to...more

Conyers

New Cayman Islands Restructuring Regime: Modern Land and a Modernised Approach

Conyers on

Cayman Islands companies have dominated the restructuring news cycle of late for a variety of reasons, including recent judicial commentary as to the effect of obtaining recognition under Chapter 15 of the U.S. Bankruptcy...more

Conyers

Cayman Islands Restructuring: Recent Common Law Insights for Directors when Entering the Zone of Insolvency

Conyers on

Conyers partner Jonathon Milne and associate Rowana-Kay Campbell in the Cayman Islands, and partner Anna Lin in Hong Kong, explain why the new Cayman restructuring regime is likely to be a welcome addition to the legislative...more

Conyers

A Summary of the New Restructuring Officer Regime

Conyers on

Later this year, amendments to Part V of the Cayman Islands Companies Act (the "Companies Act") will be introduced to commence a new restructuring officer regime available to companies in financial difficulty. Under the new...more

Conyers

Cayman Islands Restructuring: What amounts to a “Rational Basis”?

Conyers on

In the recent decision of Evergreen International Holdings Limited, delivered on 11 January 2022, the Grand Court of the Cayman Islands made an order for the immediate winding up of a company notwithstanding the company’s...more

Hogan Lovells

Another first: out of the money creditors excluded from voting on Smile Telecoms’ restructuring plan

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Smile Telecoms, which last year implemented the first restructuring plan for a cross-border African business, has now achieved another first by using section 901C(4) of the Companies Act 2006 to exclude all bar one class from...more

A&O Shearman

Singapore Court Sets Out Approach to Applications for an Intended Scheme by Several Companies in the Same Group

A&O Shearman on

Re IM Skaugen SE [2018] SGHC 259 (27 November 2018) is an important first decision on the moratorium provisions of the new scheme of arrangement sections of the Companies Act. The High Court had a practical commercial...more

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