Landmark Lehman Subordinated Debt Ruling

The High Court in London gave judgment on Friday, 3 July 2020 on the relative ranking of over $10 billion of subordinated liabilities in the administrations of two entities in the Lehman Brothers group. The judgment covers a series of important issues for restructurings and insolvencies, including: the provability andRead the full article →

THE NEW RESTRUCTURING PLAN – IN DEPTH

The new UK legislation for companies in financial difficulty represents a fundamental shift in approach to restructuring in Europe and adds an important new tool to the UK restructuring framework.  The availability of a plan proposed under the new Part 26A of the Companies Act 2006 (a “Restructuring Plan”) willRead the full article →

UK Corporate Insolvency and Governance Bill: Highlights

On Wednesday 20 May, the Government published the highly anticipated Corporate Insolvency and Governance Bill (the “CIGB”).  It legislates for the landmark changes to the UK’s corporate insolvency regime and the temporary suspension of the statutory provisions on wrongful trading announced by the Business Secretary on 28 March 2020 (seeRead the full article →

Premier Oil Scheme – Scottish Sanction Judgment

On Wednesday 29 April the Outer House of the Court of Session in Edinburgh issued an opinion sanctioning two schemes of arrangement proposed by Premier Oil Plc and Premier Oil UK Limited (together, Premier Oil) (the Schemes). The Court addressed multiple grounds of challenge and did so without hearing liveRead the full article →