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The Twilight, or Rebirth, of Liability Management? Serta and Mitel Decisions Reach Opposite Conclusions on the Permissibility of Uptier Exchange Transactions

Introduction & Key Takeaways

The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years.

USA, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
European restructuring watch alert : the Finance Act 2020: provisions for joint and several tax liability for directors, managers, shareholders and lenders

The Finance Act 2020 provides that directors, managers, shareholders, lenders and others can be made jointly and severally liable for the outstanding tax debts of insolvent (or potentially insolvent) companies and limited liability partnerships (LLPs).

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, Corporate governance, HM Revenue and Customs (UK)
New tax developments for insolvency and restructuring deals

The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

Farnborough – appointment of a receiver and tax grouping

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
New tax developments for insolvency and restructuring deals

The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

Farnborough – appointment of a receiver and tax grouping

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)