Introduction
On 20 May 2025, Mr Justice Marcus Smith handed down his eagerly-awaited judgment sanctioning the two inter-conditional restructuring plans (the Plans) proposed by members of the Petrofac Group. The judgment raises issues described as “going to the heart of the Part 26A regime” and is significant as the first case to consider the application of the Court of Appeal’s ruling in Thames Water.
The judgment addresses three particularly interesting points:
United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Freshfields, HM Revenue and Customs (UK), Office of Foreign Assets Control (USA), Serious Fraud Office (UK)