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 the still-nascent Part 26A regime. As such, the decision provides valuable commentary on the exercise of the court’s power to cram down a dissenting creditor class.

This Client Alert explains the key points arising from this important decision and considers its implications for the restructuring market.