Key Takeaways
In Nordic Power Partners P/S & Ors v Rio Alto Energia, Empreendimentos E Participacoes LTDA & Ors [2025] EWHC 2875 (Comm), the Commercial Court reconfirmed its willingness to grant interim relief to an energy investor in the context of international projects (here related to Brazil). Specifically, this decision provides an interesting insight into steps that can be taken to prevent funds being received by a party that may soon become insolvent (which risks creditors being left without a satisfactory remedy once a dispute is resolved).
In this issue, we spotlight the unfolding litigation between the UCC and Oaktree in TPI Composites’ ongoing bankruptcy, which appears to be headed for a settlement. This case is unusual in that the uptier transformed former equity holders into senior creditors rather than elevating existing lenders.
The Unsecured Creditors Committee Challenge
On insolvency, the pari passu principle applies, meaning unsecured creditors rank equally in the distribution of available assets. That principle helps explain why a creditor who has obtained a judgment debt but has not completed enforcement (for instance by obtaining a final charging order) will usually be barred from doing so once insolvency intervenes.
This past year has featured a diverse range of consequential, precedent-setting insolvency disputes across various industries, reflecting both the breadth of challenges facing Canadian businesses and the adaptability of Canada’s insolvency framework in resolving these issues. The most consequential decisions in which we have been involved are described below, alongside key takeaways for stakeholders participating in insolvency proceedings in 2026 and beyond.
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