The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
This content is affected by the proposed changes to UK insolvency laws as a result of the coronavirus (COVID-19) pandemic. For further details, see Practice Note: Reform of UK insolvency laws. For related news, guidance and other coronavirus resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
Additionally, the Companies etc (Filing Requirements) (Temporary Modifications) Regulations 2020, SI 2020/645, which came into force on 27 June 2020 and expire on 5 April 2021, extend the period for filing company charges to 31 days beginning with the day after the date of creation of the charge (up from 21 days as stated below).
Whether you are acting for the debtor, creditor, potential purchaser or shareholder and regardless of which jurisdiction the restructuring takes place in (see Practice Note: Benefits of various jurisdictions), the first step is to obtain all relevant security documentation and conduct due diligence on the company or group of companies. On larger restructurings where there are multiple parties and advisers, it is common for one party to take responsibility for the deal contact list (often the senior lenders) and you should add your team’s contact details (phone, email, etc) promptly so that early communications can take place. You will also see which firms are acting for each party, which can be useful eg if bondholders have formed
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