News 4
Part 26A restructuring plans—eligibility criteria
Published by a LexisNexis Restructuring & Insolvency expert
Practice notesPart 26A restructuring plans—eligibility criteria
Published by a LexisNexis Restructuring & Insolvency expert
Practice notesThis Practice Note looks at the eligibility criteria for restructuring plans under Part 26A of the Companies Act 2006 (CA 2006), including eligible types of company, the application to foreign companies and other entities, the requirements of Condition A (the financial condition) and Condition B (the need for a compromise or arrangement), and who can apply.
Types of company
The availability of a restructuring plan (RP) is not dependent on the company’s size or turnover; this is in line with the view expressed in the government’s response (August 2018) to the earlier consultation that the RP should be available to all companies—a smaller company may better effect a rescue via an RP than by using a company voluntary arrangement (CVA).
Our Market Trends report (see News Analysis:Market Insights Trend Report—trends in Part 26A restructuring plans in 2024) also shows that RPs can be used for companies across a wide range of industries. However:
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it is expected that regulations will be made to exclude ‘insurers and credit institutions’ from its ambit—the Secretary of State may introduce regulations
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- Market Insights Trend Report—trends in Part 26A restructuring plans in 2024
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- Court of Appeal upholds Thames Water plan (Kington v Thames Water)
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Practice notes 8
- Market Insights Trend Report—trends in Part 26A restructuring plans in 2024
- Part 26A restructuring plan deal debrief—Petrofac Limited and Petrofac International (UAE) LLC
- Part 26A restructuring plan deal debrief—Madagascar Oil Limited
- Part 26A restructuring plan deal debrief—Waldorf Production UK Plc
- Part 26A restructuring plan deal debrief—Re Enzen Global Ltd
- Part 26A restructuring plan deal debrief—Re OutsideClinic Ltd
- Scotland: Part 26A restructuring plan deal debrief—Premier Oil plc
- Scotland: Part 26A restructuring plan deal debrief—Dobbies Garden Centres Limited