Corporate Restructuring, HMRC

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

Paul Hastings LLP on 4/3/2025

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

Schemes of Arrangement under Guernsey Company Law – a vastly flexible mechanism

Walkers on 1/8/2025

Schemes of arrangement are a vastly flexible mechanism to implement take private transactions and other restructuring in respect of Guernsey companies. Schemes are, in effect, a legally enforceable arrangement or...more

Restructuring Plans and Tax Liabilities A More Assertive HMRC

Latham & Watkins LLP on 3/26/2024

Companies must approach HMRC with suitable care when proposing a restructuring plan, mindful of lessons learned from recent case law. Ever since unpaid taxes due to HMRC were “crammed down” pursuant to a restructuring plan...more

The HMRC Restructuring Plan Challenges: Lessons Learned from GAS, Nasmyth and Prezzo

White & Case LLP on 7/13/2023

Earlier this year, the English Court refused to sanction two Part 26A restructuring plans ("RPs") which sought to bind HMRC, the UK tax authority, into restructurings via "cross-class cram down". (See "Restructuring Plans...more

Its (not) a GAS: UK High Court refuses to sanction HMRC-cramming restructuring plan

Hogan Lovells on 5/30/2023

HMRC has successfully opposed a restructuring plan (“Plan”) brought by The Great Annual Savings Company Limited (“GAS” or “the Company”) under which HMRC would have been crammed down as a dissenting creditor. The Court held...more

Judgment reserved on Houst’s potential HMRC cram

Hogan Lovells on 7/22/2022

Judgment has been reserved on the sanction of Houst Ltd’s restructuring plan at a hearing held in front of Zacaroli J on Friday morning (15 July 2022), while the company gathers the further valuation information requested by...more