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    Cross Class Cram Down: A way forward or a return to the rocky horror show?
    2024-10-04

    Background

    The defining feature of the restructuring plan, which was introduced by the Corporate Insolvency and Governance Act 2020, is the "cross class cram down" ("CCCD") mechanism it introduces as a means of imposing a settlement on recalcitrant creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, DAC Beachcroft, Coronavirus, Insolvency, Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Joe Bannister , Rachel Yafet
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    UK construction insolvency: Protecting your interests
    2024-09-11

    Construction insolvency is not a new problem. With the continued presence of fixed price contracts, in an industry which has always been troubled with cash flow problems and low profit margins, coupled with persistent cost inflation and labour and materials issues affecting the supply chain, it is no surprise that we continue to see insolvencies. The question is, what can you do to protect yourself from insolvency?

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, DLA Piper, Supply chain, Due diligence, Insolvency, Corporate Insolvency and Governance Act 2020
    Authors:
    Rachel Chaplin , Daniel Warren
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Company Voluntary Arrangements - considerations for landlords
    2024-02-14

    Landlords might be starting to feel a little uneasy given the news that Superdry is considering a Company Voluntary Arrangement (CVA). Superdry is reportedly working with accountants to hash out a plan that will likely involve shutting down certain stores and cutting rent liabilities. The accountants instructed will be exploring whether either a CVA or a Restructuring Plan - both of which are processes which allow businesses to seek to reduce their liabilities to creditors – would be appropriate.

    What exactly is a CVA?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Brodies LLP, Insolvency, Corporate Insolvency and Governance Act 2020
    Authors:
    Sarah Wilson , Lucy McCann , Matthew Farrell
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Court of Appeal Overturns Restructuring Plan Sanction and Looks at Cram Down
    2024-02-02

    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.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, A&O Shearman, Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Michael Scargill , Paul Strecker , Maegen Morrison , Simon Burrows , Michael Mountain , Nick Withers , Richard Porter , Karla Dudek
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    Does 2023 mark a turning point for UK corporate insolvencies?
    2024-01-31

    2023 marked the highest annual number of corporate insolvencies since 1993, according to figures released by The Insolvency Service this week. While creditors’ voluntary liquidations remained by far the most commonly used process, 2023 saw increases across all processes tracked by the Insolvency Service.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Supply chain, Liquidation, Coronavirus, Insolvency, Insolvency Service (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Nicholas Cooper , Emma Gateaud , Katharina Crinson
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    Strategic Value Capital Solutions Master Fund LP
    2024-01-30

    Summary

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wedlake Bell, Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Ian Rees , Frances Coulson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Fair's fair: the concept of fairness in Part 26A Restructuring Plans
    2024-01-11

    SUMMARY

    Filed under:
    United Kingdom, Compliance Management, Insolvency & Restructuring, Litigation, Tax, BCLP, Corporate governance, Insolvency, HM Revenue and Customs (UK), Insolvency Service (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Marc Trottier , Philip de Vries
    Location:
    United Kingdom
    Firm:
    BCLP
    Look out for more Part A1 moratoriums
    2023-12-15

    The recently reported decision of ICC Judge Greenwood in Grove Independent School Ltd, Re [2023] EWHC 2546 (Ch) (Grove) provides some clarity on the test to be applied by the court in deciding whether to exercise discretion to grant an order for a Part A1 moratorium. In this case, the company in question was also faced with a winding-up petition, presented by His Majesty's Revenue & Customs (HMRC).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dentons, Coronavirus, Insolvency, HM Revenue and Customs (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    Mark Price , Tessa Blank
    Location:
    United Kingdom
    Firm:
    Dentons
    “Debtor-In-Possession” Processes and Moratoria in English Restructuring and Insolvency Law: A Hesitant Journey
    2023-12-13

    This article explores the efficacy of the relatively new moratorium procedure introduced under the Corporate Insolvency and Governance Act 2020 and whether the existing domestic legislation already housed a more effective debtor-in-possession rehabilitative procedure in the form of the “light-touch” administration and if so, why it has thus far been largely overlooked.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Corporate governance, Due diligence, Insolvency, KPMG, Corporate Insolvency and Governance Act 2020
    Authors:
    Adrian Cohen
    Location:
    United Kingdom
    Firm:
    Proskauer Rose LLP
    Delayed sanction hearing under Part 26A Companies Act 2006 - a rare sight!
    2023-12-07

    The High Court has recently considered and allowed the application of an opposing creditor to extend the time allocated for the hearing to sanction a restructuring plan under Part 26A of the Companies Act 2006. David Garner reports on the sanction hearing below.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Capital Law LTD, Insolvency, Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    David Garner
    Location:
    United Kingdom
    Firm:
    Capital Law LTD

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