The English court has sanctioned the group’s interim financing plan, but the opposing creditor group’s appeal will be heard on an expedited basis.
The last 12 months have been turbulent for Thames Water. Following the...more
The evolution of the English RP continues to push the jurisdictional envelope.
The English court’s sanction of the Sino-Ocean restructuring plan (RP) marks an interesting development in the evolution of the English RP....more
2/14/2025
/ Bankruptcy Court ,
Corporate Governance ,
Corporate Restructuring ,
Cramdown ,
Creditors ,
Debt Restructuring ,
Debtors ,
Forum Shopping ,
Hong Kong ,
Insolvency ,
Pari Passu ,
Regulatory Requirements ,
Restructuring ,
Shareholders ,
State-Owned Enterprises ,
UK ,
UK Insolvency Act
Actions brought against the BHS directors by the group’s liquidators have resulted in the largest reported award for wrongful trading since the provision’s introduction, but the judgment highlights some unsettled areas of the...more
Despite three recent landmark UK restructuring plan decisions, uncertainty remains around the value, if any, a plan company should offer dissenting creditors as the “deliverability price” of a plan....more
The characterisation of fixed and floating charges remains a complex area, not least with respect to new intangible asset types.
The key distinction between a fixed and a floating charge is well established as a matter of...more
A recent ruling by the Hong Kong Court of Appeal has strengthened the robustness of keepwell deeds as enforceable English law governed obligations.
The Hong Kong Court of Appeal has unanimously upheld the appeals of the...more
The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.
In October 2023, the UK’s Jurisdiction Taskforce (UKJT), which is made up of...more
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
With the finances of several UK water companies in the headlines, the UK has updated its special administration regime for the water industry to prioritise rescuing water companies as a going concern.
The UK water industry...more
How would the Spanish court tackle the issues faced by the English Court of Appeal in Adler? Our analysis provides an instructive comparison for groups, shareholders, and creditors when considering where to restructure....more
3/25/2024
/ Bankruptcy Code ,
Commercial Bankruptcy ,
Debt Restructuring ,
EU ,
Insolvency ,
Liquidation ,
Member State ,
Priority Debt ,
Restructuring ,
Shareholders ,
Spain ,
Winding Down
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...more
2/1/2024
/ Cramdown ,
Creditors ,
Debt Restructuring ,
Insolvency ,
Jurisdiction ,
Lenders ,
Liquidation ,
Pari Passu ,
Priority Debt ,
Restructuring ,
Shareholders ,
UK
The model law aims to maximise group-wide recoveries in an insolvency through cooperation and efficient administration.
The UK government has announced its intention to legislate to implement the UNCITRAL Model Law on...more
Two recent landmark decisions provide valuable guidance on this commonly used form of credit enhancement.
Keepwell deeds have in recent years grown into a common form of credit enhancement used by companies in mainland...more
7/6/2023
/ Bonds ,
China ,
Debt Instruments ,
Debt Restructuring ,
Enforceability ,
Exclusive Jurisdiction ,
Financial Instruments ,
Hong Kong ,
Liquidation ,
Popular ,
Subsidiaries
A novel debt restructuring plan will allow the carrier to recover following pandemic turbulence.
In December 2022, Hong Kong Airlines’ Hong Kong scheme and English restructuring plan were sanctioned by the respective...more
The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation.
Prior to entering into administration, Lehman Brothers...more
Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition.
If Prospero’s plea to the audience at the...more
6/20/2023
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Commercial Bankruptcy ,
Commercial Leases ,
Creditors ,
Debt Restructuring ,
Debtors ,
Due Process ,
Guarantors ,
Insolvency ,
Jurisdiction ,
Public Policy ,
Releases ,
Scheme of Arrangement ,
Secured Debt ,
Subrogation ,
Third-Party ,
UK
In a new ruling, the UK Supreme Court concluded that the rule applies only when a company is “insolvent or bordering on insolvency”.
On 5 October 2022, the UK Supreme Court handed down judgment in BTI 2014 LLC v. Sequana...more
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.
A recent first instance decision in Hong Kong has relied upon the so-called rule in Gibbs...more
The rules provide an arbitration procedure to determine the amount of affordable rent arrears for a commercial tenant where landlord and tenant have been unable to reach a consensual agreement.
On 9 November 2021, the UK...more
11/19/2021
/ Arbitration ,
Arrearages ,
Commercial Leases ,
Commercial Property Owners ,
Commercial Tenants ,
Coronavirus/COVID-19 ,
Dispute Resolution ,
Pending Legislation ,
Rent ,
Rental Property ,
UK
The decision raises new questions about whether cross-border insolvency recognition and assistance between mainland China and Hong Kong will be a two-way street.
The Hong Kong court has for the first time recognised the...more
The decision provides new judicial guidance for determining the boundaries of cross-class cram down tests.
On 28 June 2021, the High Court declined to sanction a restructuring plan proposed by Hurricane Energy plc...more