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    Collateral Gains? High Court Rules Indirect Economic Benefits Too Remote in Petrofac Plan
    <br>
    2025-05-23

    Introduction

    On 20 May 2025, Mr Justice Marcus Smith handed down his eagerly-awaited judgment sanctioning the two inter-conditional restructuring plans (the Plans) proposed by members of the Petrofac Group. The judgment raises issues described as “going to the heart of the Part 26A regime” and is significant as the first case to consider the application of the Court of Appeal’s ruling in Thames Water.

    The judgment addresses three particularly interesting points:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Freshfields, HM Revenue and Customs (UK), Office of Foreign Assets Control (USA), Serious Fraud Office (UK)
    Authors:
    Caroline Platt , Rob Gray , Lindsay Hingston , Katharina Crinson
    Location:
    United Kingdom
    Firm:
    Freshfields
    Landmark Belgian Court of Cassation ruling: mortgage holders must renew registration post-bankruptcy
    <br>
    2025-05-20

    In a recent judgment, the Belgian Court of Cassation ruled that a secured creditor must renew the registration of its mortgage even after the opening of bankruptcy proceedings. Aside from its obvious significance for real estate security, the Court’s ruling may have wider implications for secured creditors and could potentially be interpreted to apply to other forms of security, including the registered movable assets pledge. Secured creditors should see this as a reminder to ensure that perfection requirements continue to be met, be it before or after insolvency.

    Filed under:
    Belgium, Banking, Insolvency & Restructuring, Litigation, Freshfields, Insolvency
    Authors:
    Reinout Vrielinck , Wouter Van Der Veken , Zita Leijnse
    Location:
    Belgium
    Firm:
    Freshfields
    Petrofac restructuring plans move forwards: notice and fees in the spotlight
    <br>
    2025-04-17

    On 8 April 2025, Mr Justice Marcus Smith delivered judgment granting Petrofac Limited and Petrofac International (UAE) LLC (the Plan Companies) permission to convene creditor meetings in respect of two inter-conditional restructuring Plans (the Plans). The fulsome judgment, following hearings on 28 February and 20 March, contains a number of interesting points:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Freshfields, Anti-bribery and corruption, Office of Foreign Assets Control (USA), Serious Fraud Office (UK)
    Authors:
    Katharina Crinson , Richard Tett , Caroline Platt , Rob Gray
    Location:
    United Kingdom
    Firm:
    Freshfields
    Sino-Ocean’s Contentious Rescue Plan: Court Sides with Survival
    <br>
    2025-02-04

    The Sino-Ocean restructuring plan is the first to be sanctioned in 2025 – but it starts the year off with a very interesting bang. In a relatively short (and commendably clear) judgment, the Court addresses head on:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Freshfields
    Authors:
    Alistair Milne , Xuan Boh , Katharina Crinson , Rachel Seeley , Richard Tett , Daniel Anderson
    Location:
    United Kingdom
    Firm:
    Freshfields
    New rules allow Companies House to share non-public information with insolvency officeholders
    2025-01-16

    New rules in the UK allow Companies House to share non-public information with insolvency officeholders and the Official Receiver.

    While in many cases there may be limited non-public information available from Companies House that will be useful to insolvency officeholders, this is another tool available to deploy in appropriate cases. It is specifically envisaged to assist officeholders pursuing claims for fraudulent and wrongful trading, transactions at an undervalue and preferences.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, IT & Data Protection, Litigation, Freshfields, Personal data, Confidential information, GDPR, Economic Crime and Corporate Transparency Act 2023 (UK)
    Authors:
    Frank Clarke , Katharina Crinson , Rhys Surtees , Rebecca Colby
    Location:
    United Kingdom
    Firm:
    Freshfields
    Harmonisation of EU insolvency laws moving closer to a common approach
    <br>
    2024-12-17

    On 13 December 2024, EU member states agreed on a ‘partial’ general approach to the harmonisation of insolvency law.

    Filed under:
    European Union, Insolvency & Restructuring, Freshfields, Insolvency, European Commission, European Parliament
    Authors:
    Charlotte Ausema , Susanne Hoerrmann , Silvia Angós , Katharina Crinson , Hannah Ewing
    Location:
    European Union
    Firm:
    Freshfields
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