The Insolvency Service (in reply to a letter from R3) has confirmed that it will be reframing its view of the term "creditor". This follows the cases last year of Pindar and Toogood where the court was asked to consider whether a paid secured creditor should have consented to an administration extension and therefore, in the absence of consent, whether the extensions were valid in both cases, the judges confirmed that the consent of paid secured creditors was not required.

Restructuring Plans (RPs)

2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.

It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.

The below sets out key considerations when dealing with an extension of an administration at the end of the first-year anniversary.

Categorisation of a charge as fixed or floating will have a significant impact on how assets are dealt with on insolvency and creditor outcomes.

Typical fixed charge assets include land, property, shares, plant and machinery, intellectual property such as copyrights, patents and trademarks and goodwill.

Typical floating charge assets include stock and inventory, trade debtors, cash and currency, movable plant and machinery (such as vehicles), and raw materials and other consumable items used by the business.

The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners. The aim is to clarify existing guidance and provide more information to insolvency practitioners (IPs) on how to deal with regulated firms.

Following our previous alert, in which we highlighted an issue with entries relating to registered security maintained at Companies House being incorrectly updated to indicate that they had in fact been discharged without the aware

随着社会发展与商业模式的不断丰富，不同商事主体之间会因愈发复杂的交易往来产生繁多的债权债务关系，整体经济环境下行、转入逆周期的情况下，债务危机频频爆发，债务重组已成为债务危机化解的一种重要方式，而债务重组能否成功的关键因素取决于是否存在契合企业、债权人、投资人甚至政府或监管机关要求的重组方案，故债务重组方案的设计是债务重组的重中之重。本文结合相关项目经验，对债务重组方案设计的总体思路及流程，以及中介机构在重组方案设计时的角色作用提出探讨，以期更好地促进债务重组工作之推进。

一、重组范围

Over the past week, reports have emerged about filings that have been made at Companies House marking a charge as satisfied, without the company's or relevant lender's knowledge.

There were rumours last week, which were simply that, because Companies House had not publicly announced any issue, but, as we have seen over the weekend and is now widely reported in the news, it appears that there have been at least 800 erroneous filings.

On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.

2018年以来，选择以庭外重组方式化解债务风险的大型民营企业逐渐变多，同时在实践中，为了固化庭外债务重组协议之效力，越来越多企业根据自身需要，寻求以庭外重组与庭内重组相结合的、综合性化解债务危机的路径。在这样的现实背景下，对庭外债务重组与庭内重组程序的衔接及组合运用进行研究便显得十分必要了。本文将结合我国相关政策规定和案例实践，探讨庭外债务重组与庭内重组程序衔接的合理性、可行性以及两者进行衔接的模式。

一、庭外重组与庭内重组程序的现实需求

庭外重组与庭内重组（包括破产重整和破产和解）均为化解债务风险的路径。庭内重组通过破产法规定及司法权力介入等形式，赋予了重整计划或和解协议“多数决”的强制约束力，以及解封解押等的强制执行力。但庭外重组实质是债务人与主要债权人私下自愿协商，或者在中立第三人主持下达成债务调整合意的过程，达成的合意不具有司法强制执行力。