Written by - Thomas H. Curran
As cross-border insolvencies continue to evolve, a notable shift is emerging in how complex restructurings are being executed. While Chapter 11 has long been the dominant forum for large corporate reorganizations, an increasing number of companies - particularly those with international capital structures - are turning to foreign restructuring regimes as a primary venue, with Chapter 15 serving as the mechanism to extend those proceedings into the United States.
Summary
In a significant ruling for shareholders, companies and directors, the Supreme Court has confirmed that unfair prejudice petitions under section 994 of the Companies Act 2006 (CA 2006) are not caught by statutory time limits imposed by the Limitation Act 1980 (LA 1980).
Welcome to the latest edition of Corporate Update.
The Court of Appeal has handed down its judgment in DG Resources Ltd v The Commissioners for His Majesty’s Revenue and Customs, a decision that clarifies how winding‑up petitions must be served, an issue with implications for the 30,000 UK businesses using the Companies House default address for receiving official mail.
Background
DG Resources Ltd owed HMRC £1.104 million.
On 11 December 2024 HMRC presented DG Resources with a winding-up petition.
The petition came before Chief ICC Judge Briggs, who made several key findings:
Despite meeting statutory jurisdictional requirements under Part 26A of the Companies Act 2006, the High Court declined to exercise its discretion in favour of sanctioning Waldorf Production UK Plc’s restructuring plan in August 2025due to concerns about fair allocation of value and lack of meaningful engagement with unsecured creditors.
As 2025 draws to a close, this newsletter reviews key developments that have shaped the commercial disputes landscape over the past year and offers our views on significant English court decisions. We then look ahead to the trends likely to define 2026. We also reflect on another productive and successful year for Hausfeld’s Commercial Disputes team.
HOW DID 2025 CHANGE THE LEGAL LANDSCAPE?
Financial services
In brief