Paragon Offshore: Judgment on Challenge to 2017 Restructuring and the Limits of the Rule 12.59 Review Jurisdiction

The Insolvency and Companies Court in London handed down judgment on Monday, 19 October 2020 rejecting a shareholder challenge to the 2017 restructuring of Paragon Offshore plc (in liquidation) (the “Company”).

The judgment gives helpful guidance on the approach taken by insolvency courts to reviewing, rescinding or varying their orders under rule 12.59 of The Insolvency (England and Wales) Rules 2016.

It also gives a stark demonstration of where the rule 12.59 jurisdiction ends and the appellate jurisdiction begins, with Deputy ICC Judge Agnello QC declaring the rule 12.59 applications in this case to be “totally without merit”.

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