Introduced by the Corporate Insolvency and Governance Act 2020, the restructuring plans regime set out in Part 26A of the Companies Act 2006 (Plans) has quickly proven a popular route for corporate financial rescue. This is in large part due to the fact that it allows for a plan to be imposed upon dissenting creditor classes in certain circumstances. This is known as "cross-class cramdown".
Welcome to the first issue of Insolvency Matters, our round-up of recent legal developments affecting insolvency and restructuring.
Case round-up
This article was first published by Insol World Magazine in Q1 of 2024.
Insolvency office-holders in the UK and elsewhere frequently rely upon litigation funders to finance their legal proceedings and, accordingly, developments in the funding market are of keen interest to insolvency professionals.
Matthew Czyzyk, Natalie Blanc, Natalie Raine and Emily Ma, Ropes & Gray
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Mark Fine, Usman Khan and Sunay Radia, McDermott Will & Emery
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Amar Meher, Addleshaw Goddard LLP
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
This is an Insight article, written by a selected partner as part of GRR's co-published content. Read more on Insight
Alexandros Kontogeorgiou and Georgia Papathanasiou, Kontogeorgiou Bakopanou & Associates Law Firm
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Alexander Vogel and Marc Baumberger, MLL Legal
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Breathing Spaces and Mental Health Crisis Moratoriums (MHCM) were introduced by the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (the "2020 Regulations").
In R (on the application of Palmer) v Northern Derbyshire Magistrates' Court [2023] UKSC 38, the Supreme Court has ruled that an administrator appointed under the Insolvency Act 1986 is not an "officer" of the company.
This case considered this issue within the meaning of section 194 of the Trade Union and Labour Relations (Consolidation) Act 1992 (the TULRCA). As a result of the Supreme Court's decision, administrators will not be exposed to potential criminal liability for failing to notify the Secretary of State of collective redundancies.