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Prezzo - Restructuring plan sanctioned and HMRC crammed down in a departure from GAS and Nasmyth

On 5 July 2023, the High Court sanctioned the restructuring plan proposed by Prezzo Investco Limited (theCompany) despite opposition from HMRC.

United Kingdom, Company & Commercial, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)
GAS - HMRC successfully opposes another restructuring plan by challenging the expert evidence and overall fairness

On 16 May 2023, Mr Justice Adam Johnson in the High Court refused to sanction the restructuring plan proposed by The Great Annual Savings Company Limited (GAS) following objections from HMRC.

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)
Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay

In January 2020, we analyzed a split among the Circuit Courts regarding whether a non-debtor holding a debtor’s property on the petition date has an affirmative obligation under section 362(a)(3) of the Bankruptcy Code to return that property to the debtor immediately following the filing of the bankruptcy petition.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP