Four UK companies within the Cineworld Group ("Cineworld") have obtained court sanction to an English-law Part 26A restructuring plan ("RP"). Cineworld became financially distressed following a prolonged period of poor...more
The £150 million judgment makes clear the full impact of the trading misfeasance offence for directors....more
FRP Advisory Trading Limited won the United Kingdom's largest-ever wrongful trading claim and successfully established the first "misfeasance trading" claim against former directors of British Home Stores ("BHS"),...more
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
The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for...more
2/9/2024
/ Commercial Bankruptcy ,
Cramdown ,
Creditors ,
Debt ,
Debt Restructuring ,
Insolvency ,
Jurisdiction ,
Lenders ,
Pari Passu ,
Restructuring ,
Shareholders ,
UK ,
Winding Down
In Short The Situation: As businesses continue to grapple with realising the value of business and assets which are potentially impacted by sanctions related to Russia's war in Ukraine, an English company recently utilised...more
In recent years, the UK Government's approach to insolvency and restructuring has been to promote a stronger rescue culture whereby companies have a better opportunity of being restructured and rescued on a going-concern...more
The deal reached between HM Government and the European Union on December 24, 2020, does not include any framework for the coordination and mutual recognition of cross-border insolvencies and restructurings. For the purposes...more
The last five years have seen a substantial increase in the number and variety of regulated firms operating in the United Kingdom, with the development in particular of financial services provided by new technology firms,...more
On June 25, 2020, the new UK Corporate Insolvency and Governance Act ("Act") became law after it was given Royal Assent by Queen Elizabeth II. The changes introduced by the Act will have a significant impact on the future...more
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