In August 2009, an English court sanctioned the use of a scheme of arrangement to restructure the debt of IMO Car Wash Group, a highly leveraged UK based car wash company. This decision follows the similar use of schemes of arrangements in other restructurings. For example earlier this year an English court sanctioned the use of a scheme in the debt restructuring of McCarthy & Stone. In both of these restructurings, the subordinated creditors were left with no value for their debt claims.
United Kingdom, Insolvency & Restructuring, Fried Frank Harris Shriver & Jacobson LLP, Shareholder, Interest, Debt, Liability (financial accounting), Default (finance), Leverage (finance), Debt restructuring, Warrant (finance), Secured loan, Companies Act 2006 (UK)
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Mediation, Cryptocurrency, Cladding, Non-fungible tokens, Insolvency, American Bankruptcy Institute, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Pensions Act 2004 (UK), Building Safety Act 2022 (UK)