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 22 July 2022, the English High Court sanctioned Houst Limited’s (“Houst” or the “Company”) restructuring plan (the “Restructuring Plan”), which significantly, is the first time a Restructuring Plan has been used to cram...more
8/24/2022
/ Chapter 11 ,
CIGA ,
Coronavirus/COVID-19 ,
Corporate Insolvency and Governance (CIG) Act 2020 ,
Corporate Restructuring ,
Financial Solvency ,
HMRC ,
Liability ,
Property Management Companies ,
Sanctions ,
Small and Medium-Sized Enterprises (SMEs) ,
Travel ,
UK
On 30 March 2022, the English High Court sanctioned a new restructuring plan for Smile Telecoms Holdings Limited (“Smile” or the “Company”) (the “Restructuring Plan”). The restructuring will result in the Company’s super...more
On 12 January 2022, the English High Court granted Smile Telecoms Holdings Limited’s (“Smile” or the “Company”) application to convene a single meeting of plan creditors (the super senior creditors) to vote on the Company’s...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
On 29 September 2021, the English High Court rejected a challenge made in respect of Caffè Nero’s company voluntary arrangement (“CVA”), brought by a landlord on the grounds of material irregularity and unfair prejudice. The...more
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