High Court sanctions scheme of arrangement proposed by the Provident Finance group

1. Hurricane Energy PLC: Restructuring Plan

(A) Convening Hearing

The UK Government has published a Consultation¹ which sets out its proposals for targeted (but significant) amendments to certain aspects of the existing UK insolvency arrangements for insurers.

Earlier this month, judgments were handed down in the landlord challenges to two Company Voluntary Arrangements ("CVAs"), New Look and Regis. The challenge to the New Look CVA was unsuccessful, although permission to appeal to the Court of Appeal has been given. Whilst the Regis challenge lead to the revocation of the CVA, the majority of the landlords' arguments failed. These judgments provide important guidance on the use of landlord CVAs and their terms.

Introduction

Introduction – the framework