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Debtors United Kingdom

Ropes & Gray LLP

Petrofac Restructuring Plans Overturned: When Considering Restructuring Surplus’ Allocation, Sharing is Caring

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In a much-anticipated judgment (Saipem SPA & Ors v Petrofac Limited & Anor [2025] EWCA Civ 821), the English Court of Appeal overturned the High Court’s sanction of Petrofac’s restructuring plans (the Plans). Petrofac was...more

Jones Day

Global Enforcement And Asset Recovery Series - Series Article 2: Asset Disclosure

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In the context of asset recovery, a successful outcome largely depends on the ability of a claimant to garner sufficient disclosure of assets that are amenable to enforcement. This, in turn, explains why the powerful...more

Paul Hastings LLP

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

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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

K&L Gates LLP

Corporate Debtors and Transactions at an Undervalue–Lessons From the UK Supreme Court: El-Husseini and Another v Invest Bank PSC

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The UK Supreme Court’s recent decision in El-Husseini and another v Invest Bank PSC [2025] UKSC 4 has clarified the circumstances in which section 423 of the Insolvency Act 1986 (the Act) provides protection against attempts...more

Pillsbury Winthrop Shaw Pittman LLP

U.S. Bankruptcy Court Agrees to Enforce English Three-Step, with Third-Party Releases, Used by Mexican Auto Financer

Manipulation of “center of main interest” to secure UK bankruptcy venue does not bar chapter 15 recognition so long as creditors are not disadvantaged. On February 24, 2025, U.S. Bankruptcy Judge Michael E. Wiles granted...more

BCLP

“Dividing Line” in Public Policy - Insolvency and Arbitration

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A creditor commences winding-up proceedings against a debtor company on the basis that the company is insolvent. The petition debt relates to a dispute within the ambit of the arbitration agreement between the creditor and...more

Carey Olsen

The interplay between insolvency and arbitration proceedings: an insight into developments across jurisdictions

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Arbitration clauses are commonly found in commercial contracts. However, tricky issues arise when a company subsequently seeks an order for winding up, particularly in circumstances where the facts relied on in support of the...more

Latham & Watkins LLP

Cram-across: Sino-Ocean Restructuring Plan Makes Waves

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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

Latham & Watkins LLP

Arbitration or Winding-Up? Privy Council Decision in Sian Participation Corp v. Halimeda Overrules Traditional English Approach

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The decision confirms that an arbitration agreement will be upheld in the face of insolvency proceedings only if it can be shown that the petition debt is genuinely disputed on substantial grounds....more

Paul Hastings LLP

The Legal 500’s Restructuring & Insolvency Comparative Guide

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Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting...more

Patterson Belknap Webb & Tyler LLP

Courts Split Over Requirement for Chapter 15 Jurisdiction in the U.S.

To file bankruptcy in the U.S., a debtor must reside in, have a domicile or a place of business in, or have property in the United States. 11 U.S.C. § 109(a). In cross border chapter 15 cases, courts have considered whether...more

Mayer Brown

Adler: Court of Appeal sets aside sanction of a Restructuring Plan

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In the first appeal of a restructuring plan under Part 26A Companies Act 2006, the English Court of Appeal unanimously set aside the first instance decision sanctioning the plan proposed by AGPS BondCo PLC, part of the Adler...more

Jones Day

Adler: English Court of Appeal Overturns Restructuring Plan (UPDATE)

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On January 23, 2024, the Court of Appeal in England and Wales (the "Appeal Court") upheld a challenge launched by dissenting creditors to overturn the UK Restructuring Plan (the "RP") of the Adler Group previously approved by...more

White & Case LLP

Are You as Senior Secured as You Think?

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Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,...more

Mayer Brown

Restructuring Downloaded: Episode 2

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In this episode Sheena Frazer and Nicola Hughes discuss The National Security and Investment Act 2021....more

Akin Gump Strauss Hauer & Feld LLP

Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring...more

Cadwalader, Wickersham & Taft LLP

The Court of Appeal Judgment in the Adler Restructuring Plan: Pari Passu is Back!

On 23 January the Court of Appeal unanimously overturned the High Court’s decision to sanction Adler’s restructuring plan, following a successful challenge from an ad hoc committee of noteholders (the AHG). The judgment is...more

Cadwalader, Wickersham & Taft LLP

The 2023 Restructuring Market Wrap-Up

As 2024 gets underway, 2023 will be remembered as the year that King Charles III’s coronation captured our attention with its many (and occasionally bizarre) storied traditions and customs and, of course, for the passing of...more

Cadwalader, Wickersham & Taft LLP

Comet: The Court of Appeal provides timely guidance regarding unlawful preferences

Overview - The Court of Appeal has overturned the decision of the High Court in Carton-Kelly v Darty Holdings SAS, providing welcome clarity for directors of distressed companies when considering whether to make payments...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

Conyers

Schemes of Arrangement: Restructuring in the Cayman Islands

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These continue to be challenging times and we recognize that the need for cross-border advice on insolvency and restructuring matters may be required at short notice. Conyers’ attorneys are insolvency and restructuring...more

Latham & Watkins LLP

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

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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

Katten Muchin Rosenman LLP

Pre-Pack Regulation: Two Years On

It is now two years since the 30 April 2021 introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the "Regulations") and a good time to look back at whether the Regulations...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

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