There is an enhanced framework for the court to exercise its discretion to sanction a restructuring plan involving a cross-class cram-down ("CCCD"). This test involves a review of the relative benefits to the assenting and...more
The United Arab Emirates has enacted Federal Decree – Law No. 51/2023 on Financial Restructuring and Bankruptcy (the “Bankruptcy Law”).
The Bankruptcy Law aims to enhance economic activity and regional stability by...more
In the recent case of Avanti Communications, the English Court held that to constitute fixed charge security, a chargee’s control over the relevant charged assets does not need to be absolute. A significant amount of control...more
The Supreme Court has ruled, for the first time, on the existence, specific content and engagement of the so-called “creditor duty” or the “rule in West Mercia”. In doing so, it unanimously dismissed BTI’s appeal....more
On the 19th of August 2021, the English High Court sanctioned a Part 26A restructuring plan proposed by the administrators of Amicus Finance plc (in administration) (“Amicus”) for the company’s solvent exit from...more
France has now introduced a new restructuring tool following the enactment of Ordinance 2021- 1193 (the “Ordinance”), which incorporates the Directive (EU) 2019/1023 on preventive restructuring frameworks (the “Directive”)...more
11/12/2021
/ Absolute Priority Rule ,
Commercial Bankruptcy ,
Cramdown ,
Creditors ,
Debtors ,
EU ,
Financial Distress ,
Financial Solvency ,
France ,
Insolvency ,
Restructuring
On 28 June 2021, the English High Court handed down a judgment declining to sanction a restructuring plan proposed by Hurricane Energy PLC, which sought to cram down the dissenting class of shareholders and hand over the...more
Key Takeaways - The use of the UK restructuring plan ("Plan") introduced last summer has been gathering pace with a handful of recent judgments seeing it used to implement cross-border restructurings instead of UK schemes of...more