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Debt Restructuring United Kingdom Debtors

Paul Hastings LLP

English Court Approves Enzen Part 26A Restructuring Plans in First Case With HMRC Active Support

Paul Hastings LLP on

On 25 March 2025, the English Court approved the interconditional dual restructuring plans of Enzen Global Limited and Enzen Limited (Enzen). The plans amend and extend £50 million senior secured liabilities, provide for new...more

Latham & Watkins LLP

Cram-across: Sino-Ocean Restructuring Plan Makes Waves

Latham & Watkins LLP on

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

Katten Muchin Rosenman LLP

English Law Creditors Bound by Irish Scheme of Arrangement

In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs....more

Latham & Watkins LLP

Release Me From My Bands Or Else My Project Fails Third Party Releases in Schemes

Latham & Watkins LLP on

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

Cadwalader, Wickersham & Taft LLP

The Adler Restructuring Plan Judgment: Is Pari Passu Passé?

What Happened - On 21 April 2023, Mr Justice Leech gave his written reasons for sanctioning the Adler Group’s novel and ground-breaking English restructuring plan following a fully contested hearing and cross-examination...more

Morrison & Foerster LLP

High Court Confirms the Viability of Creditor-Led Restructuring Plans

The Part 26A Restructuring Plan (“RP”) is a relatively new addition to the English insolvency regime; despite this, the flexibility it provides to both distressed companies and their creditors has made it an important and...more

Alston & Bird

Sequana: UK Supreme Court Provides Useful Guidance for Directors of Financially Distressed Companies on the Existence of Creditor...

Alston & Bird on

When a company is facing the prospect of insolvency, even far in the future, do the directors protect the investors or the creditors first? Our Financial Restructuring & Reorganization Group considers a UK Supreme Court case...more

Katten Muchin Rosenman LLP

Guidance for Insolvency Practitioners: Financial Conduct Authority's Update on Regulated Firm Restructurings and Insolvencies

On Thursday, 22 September 2022, the UK Financial Conduct Authority (FCA) held a webinar and Q&A session aimed at clarifying the FCA's expectations of office holders, lawyers and consultants navigating insolvencies and...more

Hogan Lovells

Judgment reserved on Houst’s potential HMRC cram

Hogan Lovells on

Judgment has been reserved on the sanction of Houst Ltd’s restructuring plan at a hearing held in front of Zacaroli J on Friday morning (15 July 2022), while the company gathers the further valuation information requested by...more

Latham & Watkins LLP

UK and European Restructuring Tools: Choosing the Optimal Forum for Creditor and Shareholder Cramdown

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Debtors and investors have an enhanced choice of restructuring venues as the EU Restructuring Directive is rolled out in Member States - A number of key European jurisdictions have now implemented the EU Preventive...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] Creditors’ Fees and English Law Schemes of Arrangement

In this episode, Akin Gump financial restructuring partners Lois Deasey and Liz Osborne offer an overview of creditors' fees related to English law schemes of arrangement. Among the topics covered: - The class and...more

Goodwin

The Return of Crown Preference on 1 December, 2020

Goodwin on

The return of Crown Preference on 1 December, 2020 has widely united the restructuring community against the new measures. Whilst the rationale that the Treasury should have priority for sums received by a debtor on its...more

Orrick - Finance 20/20

UK: Breathing Space Scheme Regulations

A draft of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (the “Regulations”) was published on July 15, with a view to implementing the scheme in...more

Morgan Lewis

UK Corporate Insolvency and Governance Bill: Impact on the Aviation Sector

Morgan Lewis on

The UK Corporate Insolvency and Governance Bill, currently progressing through UK Parliament, will have an impact on various stakeholders in the aviation industry once enacted, due to its moratorium, supply contract, and...more

White & Case LLP

Restructuring the next wave of cov-lite debt

White & Case LLP on

Cov-lite loans can leave lenders with limited restructuring options, but creative lenders will still find ways to bring debtors to the table - Recent data shows that investor protection in loan documents has fallen to its...more

Jones Day

UK's Proposed Corporate Restructuring Regime Follows European-Style Chapter 11 and Debtor-in-Possession Trend

Jones Day on

The UK Government has announced proposals to introduce a new UK restructuring plan and moratorium, together with certain other changes to the corporate governance regime relevant to companies in distress. In addition,...more

White & Case LLP

Restructuring across Europe – a new era?

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All three institutions of the European Union have now approved the EU Preventive Restructuring Framework Directive. This is the EU's first attempt to "harmonise" insolvency laws across the Member States, that have disparate...more

K&L Gates LLP

Modernised UK Insolvency Rules Arriving April 2017

K&L Gates LLP on

The updated UK Insolvency Rules 2016 will come into force on 6 April 2017. The new rules have four aims: - to reflect modern business practice and increase efficiency; - to restructure and modernise the 1986...more

Orrick, Herrington & Sutcliffe LLP

Indah Kiat – A Scheme Pulped

On 12 February 2016 Snowden J handed down his judgment in Indah Kiat International Finance Company B.V. [2016] EWHC 246 (Ch). Indah Kiat International Finance Company B.V. ("Indah Kiat"), part of the global Asia Pulp & Paper...more

Latham & Watkins LLP

Greater Choice in Liability Management and Bond Restructurings

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Liability management exercises (“LMEs”) are increasing in the bond and capital market and are often used in relatively benign situations. They are certainly not always a precursor to a full-scale restructuring or insolvency....more

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