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    English court crams down UK tax authority and sanctions Prezzo's restructuring plan
    2023-08-01

    On 5 July 2023 the Court sanctioned Prezzo Investco Ltd's (Prezzo) restructuring plan despite strong opposition by UK tax authority, HMRC.

    HMRC has taken a more active approach to opposing restructuring plans and was successful in blocking the plans recently proposed by GAS and Nasmyth (see our alert).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, HM Revenue and Customs (UK)
    Authors:
    Louise Jennings , Isabelle Moisy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English court crams down UK tax authority and sanctions Prezzo's restructuring plan
    2023-08-01

    On 5 July 2023 the Court sanctioned Prezzo Investco Ltd's (Prezzo) restructuring plan despite strong opposition by UK tax authority, HMRC.

    HMRC has taken a more active approach to opposing restructuring plans and was successful in blocking the plans recently proposed by GAS and Nasmyth (see our alert).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, HM Revenue and Customs (UK)
    Authors:
    Louise Jennings , Isabelle Moisy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    High Court uses its cross-class cram down power to sanction Fitness First Restructuring Plan
    2023-07-24

    On 29 June 2023, Mr Justice Michael Green in the High Court sanctioned a Part 26A restructuring plan proposed by First Clubs Limited (Fitness First), a wholly owned subsidiary of Maddox Holdings Limited, notwithstanding challenges from certain opposing creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Trade & Customs, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)
    Authors:
    Katharina Crinson , Ken Baird
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    The HMRC Restructuring Plan Challenges: Lessons Learned from GAS, Nasmyth and Prezzo
    2023-07-13

    Earlier this year, the English Court refused to sanction two Part 26A restructuring plans ("RPs") which sought to bind HMRC, the UK tax authority, into restructurings via "cross-class cram down".

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, White & Case, Companies Act 2006 (UK), HM Revenue and Customs (UK)
    Authors:
    Will Stoner
    Location:
    United Kingdom
    Firm:
    White & Case
    Prezzo - Restructuring plan sanctioned and HMRC crammed down in a departure from GAS and Nasmyth
    2023-07-13

    On 5 July 2023, the High Court sanctioned the restructuring plan proposed by Prezzo Investco Limited (theCompany) despite opposition from HMRC.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)
    Authors:
    Alice Gossop , Katharina Crinson , Ken Baird
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    Are UK Restructuring Plans Still too Expensive?
    2023-07-12

    As far as they go, restructuring plans have worked well since they were first introduced 3 years ago. This is reflected in the most recent review of CIGA published by the Insolvency Service which reflects favourably on this new insolvency measure. However, there are still some barriers to its use.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Insolvency, HM Revenue and Customs (UK), Insolvency Service (UK)
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Expected Changes to the UK Corporate Moratorium
    2023-07-11

    The three year review of CIGA (the Corporate Insolvency and Governance Act) published by the Insolvency Service suggests that we might see changes to the corporate moratorium process – will these address concerns about the process and encourage more insolvency practitioners to recommend its use?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Insolvency, HM Revenue and Customs (UK), Insolvency Service (UK)
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Are HMRC Critical To UK Restructuring Plans?
    2023-07-06

    It’s now level pegging for HMRC on cram down – twice it has been crammed down, and twice it has not.

    In the most recent restructuring plan proposed by Prezzo, the court sanctioned the company’s restructuring plan and crammed down HMRC as both preferential and unsecured creditor. Unlike Houst’s restructuring plan, where HMRC was also crammed down, HMRC fiercely contested the plan proposed by Prezzo.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    The Evolution and Anatomy of Restructuring Plans UK - June 2023
    2023-06-26

    Snapshot

    The Restructuring Plan (Plan) was introduced as part of the UK Corporate Insolvency and Governance Act 2020, which introduced a new part 26A into the Companies Act 2006 (CA 2006). The part 26A Plan provisions are largely based on the existing scheme of arrangement rules detailed under part 26 of the CA 2006, and it is often referred to as the “super scheme”.

    Plans now sit alongside schemes of arrangement and company voluntary arrangements (CVAs) to provide a further restructuring option for companies and insolvency practitioners alike.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Squire Patton Boggs, Corporate governance, Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020, HM Revenue and Customs (UK)
    Authors:
    Jennifer Jones , Rachael Markham , Charlotte Møller
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC

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