The Federal Court declined to approve a creditors' scheme of arrangement by Twinza Oil Limited (Twinza). The scheme, supported by all scheme creditors, proceeded on the assumption that the ordinary and preference shares were worthless.

Key takeouts

Waypark Commercial Mortgage 1 Ltd v Vanguard Number 1 Ltd (in liquidation) [2025] EWHC 1786 (Ch)

In brief

Successful outcomes for clients seeking to obtain winding up orders against foreign companies with local agents. The case summaries below, of Re Anagram International LLC (recs and mgrs apptd) [2025] VSC 267 and the earlier matter of W Capital Advisors Pty Ltd (in its capacity as trustee for the W Capital Advisors Fund) v Mawson Infrastructure Group, Inc (NSD1395/2024), provide guidance on how parties can best position themselves for success in these circumstances.

Relevant Law

Recently, the U.S. Supreme Court denied certiorari in two cases involving bankruptcy questions:

On December 1, 2025, the United States District Court for the Southern District of New York (Honorable Denise Cote) entered an opinion and order that struck third-party releases and a related injunction in a confirmed Chapter 11 Plan (the “Plan”) for the In re

At 11 p.m. on Thursday, December 31, 2020, the United Kingdom left the European Union.

This has since enabled staff in many airports in continental Europe, often with unconcealed delight, to direct British citizens to much longer queues than they would have needed to join had the U.K. remained an EU Member State.

Mitchell v Sheikh Mohamed Bin Issa Al Jaber (No 2) [2025] UKSC 43

Introduction

Welcome back to Distressed Debt Legal Insights, Ropes & Gray’s source of timely insights for professionals navigating the complex world of liability management and special situations finance. In this issue we will provide a summary of certain aspects of the noteholder litigation in Wesco that culminated in the recent district court decision approving the 2022 uptier transaction and reversing the bankruptcy court’s decision.

The Original Transaction

key takeaways

For reasons explained in this blog, they did not in the case of Conway and others v Plass and others [2025] EWHC 2625 (Ch) but there could be situations where it might.

In Conway and others v Plass and others, the High Court has provided guidance on when contract liabilities incurred by administrators will be treated as administration expenses under the Lundy Granite principle.

Factual Background