The Supreme Court has confirmed that s.423 of the Insolvency Act 1986, which provides for the avoidance of certain transactions where they have been entered into for the purpose of defrauding creditors, has a broad application and covers not only transactions entered into by the debtor personally, but also those entered into via the debtor's company: El-Husseiny and another v Invest Bank PSC [2025] UKSC 4.
The High Court has held that the recognition of foreign insolvency proceedings under the Cross-Border Insolvency Regulations 2006 (the "CBIR") did not, in itself, vest rights or interests in English land in the foreign representative.
Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
In a rare case, the High Court has dismissed an application by liquidators pursuant to sections 235 and 236 of the Insolvency Act 1986, which give office-holders broad powers to obtain information and documents concerning the company and its affairs: Webb v Eversholt Rail Limited [2024] EWHC 2217 (Ch).
The High Court has ordered two former directors of British Home Stores ("BHS") to pay equitable compensation of £110 million in respect of misfeasance claims brought by the former retailer's joint liquidators: Wright v Chappell [2024] EWHC 2166 (Ch).
In Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16, the Privy Council considered an appeal from the Court of Appeal of the Eastern Caribbean Supreme Court (BVI) as to whether a company should be wound up where the debt on which the winding up application is based is subject to an arbitration agreement and is said to be disputed and/or subject to a cross-claim.
The collapse of UK retailer British Home Stores ("BHS") in 2016 remains one of the most high-profile corporate insolvencies of recent times. It went from being a household name across the UK, with over 11,000 employees, to having reported debts of £1.3 billion, including a pension deficit of nearly £600 million. The group's demise saw the closure of some 164 stores nationwide and significant job losses.
近年来，我国公开市场债券违约处置体制不断健全，违约处置方式不断丰富，违约处置的市场化程度进一步提升，债务重组作为一种公开市场债务处理的方式逐渐出现在人们的视野中。与此同时，受经济下行大环境的影响，债券市场违约事件频发，截至2023年一季度，公开市场多笔债券出现未按时兑付本息、回售款或利息，构成实质违约。为了寻求公开市场违约债券处置效率的进一步提升，健全公开市场债券信息披露制度，探索最优方式化解债券违约的路径，针对公开市场债券的特点，对处理手段及相应注意事项进行研究十分必要。本文将结合我国目前公开市场违约债券的处置现状和应对方式，从庭外重组与庭内重组程序的差异性出发，论述庭外债务重组作为处置手段的特殊性及应当重点注意的事项等，明确以庭外债务重组手段处置公开市场债务将会进一步提升债券违约处置机制市场化、法治化水平。
一、我国公开市场违约债券处置现状
2021年，我国债券市场新增23家违约发行人，共涉及到期违约债券87期，到期违约金额合计约1015.76亿元；17家发行人首次发生展期，涉及展期债券33期，展期规模157.31亿元，较上年增多。[1]
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
Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.