On 23 January 2024, Snowden LJ handed down the Court of Appeal's judgment in the Adler Restructuring Plan case - AGPS Bondco plc - overturning the sanctioning of the Plan by the High Court in April 2023.
Mislabelling a debt instrument as a promissory note can result in unintended consequences
Promissory notes and loan notes are often used in group reorganisations to paper a loan relationship, but because the terms are frequently used interchangeably, there is scope for misuse and misunderstanding.
What is causing supply chain pressure and how can you spot the red flags?
Increase in insolvencies
Insolvency rates in the manufacturing and construction industries are higher than pre-pandemic levels and are showing an upward trend on a year-by-year basis since 2021.
What are the key considerations and actions for businesses when undertaking a reorganisation?
UK members will want to monitor the situation and prepare for contingencies as US company experiences financial difficulties
On Monday 7 November 2023 WeWork Inc. filed for Chapter 11 bankruptcy in respect of its US business, and intends to file for recognition of those proceedings in Canada.
HM Treasury has published a response to its consultation on managing the failure of systemic digital settlement asset firms.
El Tribunal Supremo recuerda que la prohibición de las sentencias condenatorias con reserva de liquidación debe interpretarse de manera flexible, atendiendo a los motivos justificados y razonables de cada caso en particular
Damos noticia de la sentencia del Tribunal Supremo núm. 1228/2023, de 14 de septiembre, que analiza una cuestión de enorme interés práctico, como son las sentencias de condena con reserva de liquidación.
Evolución de la normativa
The ruling emphasises the need to flexibly interpret the prohibition in light of the reasonable grounds of each case
The Supreme Court's decision on the interpretation of the ban on sentences with a reservation of liquidation – numbered 1228/2023 and dated 14 September – has significant practical importance.
Regulatory developments
The regulation of sentences with a reservation of liquidation has significantly changed over the years.
The U.K. Jurisdiction Taskforce has published a consultation relating to its proposed Legal Statement offering guidance on the application of English insolvency law principles to digital assets. The proposed Legal Statement will cover a range of areas which are listed in an Annex to the paper.
Early engagement, targeted information requests and use of the court's disclosure powers may assist consideration of whether to support or oppose a plan
Since their introduction in 2020, restructuring plans have become increasingly common in the retail and consumer sectors, including fitness centres (Virgin Active and Fitness First), casual dining (Prezzo) and, most recently, in greeting cards and gifting (Clintons).