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Position Paper on Parallel Schemes of Arrangement—the Harneys ‘Schemario Rules’

Published on: 16 June 2021
Published by: LexisPSL
  • Position Paper on Parallel Schemes of Arrangement—the Harneys ‘Schemario Rules’
  • A Introduction
  • B Framing the issue
  • C Impact of the rule in Gibbs
  • Summary of the Rule
  • Impact of the ‘rule in Gibbs’ on the international effectiveness of schemes
  • D Potential alternative steps for ensuring cross-border effectiveness
  • Recognition at Common Law
  • Statutory recognition
  • E Conclusion

Article summary

Restructuring and Insolvency analysis: Harneys has released its March 2020 Position Paper on Parallel Schemes of Arrangement: the Schemario Rules. Schemarios are ‘scheme-scenarios’ which form governing rules to establish when a parallel scheme of arrangement is necessary. Schemarios will be helpful to practitioners of cross-border restructuring around the world. Harneys’ Schemarios illustrate how the operation of the ‘rule in Gibbs’ can be used to distinguish between cases where further steps (in particular, a parallel scheme of arrangement) are likely to be necessary. Written by Ian Mann, Phillip Kite, Chai Ridgers, Paula Kay, Peter Ferrer, Nicola Roberts, Nick Hoffman and Vicky Lord of Harneys. With many thanks to David Allison QC and Henry Phillip, both of South Square, London. or take a trial to read the full analysis.

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