In a well-known episode of the comedy “Fawlty Towers”, hotel boss Basil Fawlty was frustrated. A guest had asked for a Waldorf salad. Basil had no idea how to make such a dish, and his attempts to do so were criticised by the guest.  

In Vesnin v Queeld Ventures Ltd & Ors [2025] EWCA Civ 951, the English Court of Appeal has ruled that in an application for recognition at common law of a foreign insolvency, a respondent to that application may have standing to oppose the recognition even if they are not a creditor. The fact that other relief is sought against them, which is contingent on recognition of the foreign insolvency, can and usually will suffice to give them standing to oppose the recognition.

Background

On 1 July, the Court of Appeal overturned the High Court’s decision1 to sanction the restructuring plans proposed by two Petrofac group companies as they did not consider that the benefits of the restructuring had been fairly allocated. 

Of particular interest to commercial landlords, the recent decision of the court in SBP 2 SARL v 2 Southbank Tenant Ltd [2025]EWHC 16 (Ch) illustrates the risks to a landlord of simply cross-referring to Section 123 of the Insolvency Act 1986 (respectively, Section 123 and the 1986 Act) in the forfeiture provisions of a lease without specifying any amendments to the statutory language and thereby provides a reminder of the importance of careful and accurate drafting.

Macfarlanes and Burness Paull recently advised Dobbies Garden Centres, the UK’s largest operator of garden centres, on its restructuring plan under Part 26A of the Companies Act 2006, which was approved by Lord Braid in the Court of Session in Scotland on 9 December 2024.

In 2023 we published 10 do’s and don’ts for restructuring plans, find our previous article available here. Following on from our initial article we have outlined five more do’s and don’ts reflecting the development of restructuring plans in 2024.

A guarantor’s rights of subrogation are provided for in Sections 140 and 141 of the Indian Contract Act, 1872 (“ICA”). These rights allow a guarantor to step into the shoes of the creditor, upon fulfilling the debtor’s payment obligations to the creditor. This means that the guarantor assumes all the rights including the security that the creditor enjoyed against the principal debtor.

BACKGROUND

Since its inception the Insolvency and Bankruptcy Code, 2016 (Code) has been an evolving legislation with regular updation(s) being brought about in the form of rules and regulations with a view of streamlining the corporate insolvency resolution process (CIRP).

The Supreme Court (SC) in Global Credit Capital Limited & Anr v. Sach Marketing Private Limited & Anr, 2024 SCC OnLine SC 649 upheld the judgment and order of the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT), dated 07 October 2021 (Impugned Order) by which Sach Marketing Private Limited (Sach) was held to be a ‘financial creditor’ of Mount Shivalik Industries Limited, the corporate debtor, (CD) in corporate insolvency resolution proceedings under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC).

It is being reported that the Latvian State Security Service (the VDD) has discontinued a criminal investigation started in November 2023 into the sale of a helicopter by a company indirectly co-owned by the designated person Petr Aven .