Following the Graham Review on pre-pack administration sales, a new “pre-pack pool” is being formed to assess proposed pre-packs involving connected parties. This is partly to increase transparency of, and public confidence in, such transactions.

Andrew Wilkinson and Linton Bloomberg consider the latest developments and the dilemma of whether or not to approach the pre-pack pool, in an article published today in Insolvency Today and Credit Today.

Scheme hot topics

January 14, 2015

As market participants will know, the appeal in the Apcoa II scheme of arrangement settled just before Christmas. While welcome for the players involved, it deprived the market of the clarity of a Court of Appeal judgment on many scheme issues such as jurisdiction, the imposition of new obligations and class composition. In the absence […]

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Apcoa restructuring scheme of arrangement sanctioned by the English High Court despite being contested – Court of Appeal hearing set for 9/10 December 2014

November 21, 2014

Speed Read Classes – turnover agreement was between creditors and not with the company, so neither it nor lock up changed rights being compromised Even if it had, judge found that rights were not so dissimilar – judge considered at a high level what FMS would suffer on liquidation compared with turnover and found that […]

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Bank of England’s New Strategy for Resolving Failing Financial Institutions

November 10, 2014

On 23 October 2014, the Bank of England published its strategy for resolving failing financial institutions in an orderly manner. The Bank of England’s new publication outlines the three stages of resolution – stabilisation, restructuring and exit from resolution – and sets out exactly how the Bank would use its “toolkit” of resolution measures in […]

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Courtroom drama: Argentinian sovereign debt

October 22, 2014

In July 2014, Argentina defaulted on a $539m interest payment on its sovereign debt in the latest round of its ongoing legal dispute with bondholders. By any usual standards, the dealings between Argentina and a minority of its bondholders ought to have been a low-key last act to the drama of the country’s 2001 default. […]

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