Restructuring

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Featured Restructuring & Insolvency content

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to...

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

Debt for equity swaps

A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...

Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...

9th Nov

Practice notes

Loan to value covenants

This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...

Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 9th Nov

Practice notes

Proprietary claims

Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...

9th Nov

Practice notes

Effect of a moratorium in a company voluntary arrangement (CVA) on creditors and the company [ARCHIVED]

The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Nov

Practice notes

Equitable accounting—how it works in practice

This Practice Note looks at equitable accounting, what it is, how and when it applies. It does not look at how the trustee in bankruptcy (trustee)...

9th Nov

Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 9th Nov

Practice notes

How to serve a demand for payment

A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the...

Produced in partnership with James Hannant of Guildhall Chambers 9th Nov

Precedents

Certificate of urgency for applications in insolvency proceedings

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...

9th Nov

Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...

9th Nov

Practice notes

Key features of securitisation and asset based lending

BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....

9th Nov

Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...

Produced in partnership with Julie Lanz of Skadden Arps Slate Meagher & Flom LLP 9th Nov

In-house

Practice notes

Misfeasance claims under section 212 of the Insolvency Act 1986

What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...

9th Nov

In-house

Practice notes

A guide to independent business reviews

This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...

Produced in partnership with Allan Kelly of RSM 9th Nov

Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Practice notes

Interim receivers

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

Produced in partnership with South Square and BDO LLP 9th Nov

Practice notes

Out-of-court administration appointments by a QFCH—the procedure

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Most recent Restructuring content

Practice notes

ISDA definitions

The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and...

4th Dec

In-house

Precedents

Security review report

Prepared in relation to [name of borrower] (a limited company registered in England and Wales with company number [company number])Prepared for [name...

4th Dec

Practice notes

Force majeure—consequences and contract discharge

Coronavirus (COVID-19): In addition to the below content on force majeure generally, see also:•Coronavirus (COVID-19) toolkit—Contracts•Coronavirus...

3rd Dec

COVID-19

Practice notes

Rome I—scope and exclusions

Brexit: The UK's departure from the EU on exit day, ie Friday 31 January 2020, has implications for practitioners considering applicable law. For...

3rd Dec

Practice notes

Applicable law—common law (contract)

Requirement for a proper law of a contractThe rationale for the need for there to be a proper law of a contract was explained in the dictum of Lord...

3rd Dec

Practice notes

Rome Convention—introduction and interpretation

Brexit: The UK's departure from the EU on exit day, ie Friday 31 January 2020, has implications for practitioners considering applicable law. For...

3rd Dec

Practice notes

Rome II—application and interpretation

This Practice Note is for use when determining applicable law in respect of events giving rise to damage, where such events occurred on or before IP...

2nd Dec

Practice notes

Brexit—impact on restructuring plans

Status of the UKAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK...

1st Dec

Brexit

Practice notes

Brexit—impact on schemes of arrangement

Status of the UKAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK...

1st Dec

Brexit

Practice notes

Corporate Insolvency and Governance Act 2020—restructuring plan provisions

Spurred on by the coronavirus (COVID-19) pandemic, the government pushed through the Corporate Insolvency and Governance Act 2020 (CIGA 2020). The...

1st Dec

COVID-19

Practice notes

Codere scheme—deal debrief

In December 2015, Newey J sanctioned a scheme of arrangement for part of the Spanish Codere group, in an interesting case of good forum...

Produced in partnership with Iain White of Clifford Chance LLP 1st Dec

Practice notes

Premier Oil and the use of Schuldschein loans—Deal Debrief

Premier Oil is one of several companies in the oil & gas sector that has had to evaluate its financing options to adapt to the impact of a prolonged...

Produced in partnership with Katrina Buckley of Allen & Overy LLP 1st Dec

Practice notes

DTEK schemes—deal debrief

Brexit impactAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

Produced in partnership with Marc Hecht of Latham & Watkins 1st Dec

Precedents

Letter to lenders governing appointment of creditors’ committee

To: The persons listed in Schedule 1 to this letter [insert names of Lenders]From: [insert name of solicitors for the Creditors' Committee or the name...

1st Dec

Precedents

Creditors’ committee agreement

This Agreement is made [insert day and month] 20[insert year]Parties1[insert name of lender] a company incorporated in [England and Wales] under...

1st Dec

Practice notes

Hague Convention on Choice of Court Agreements—scope

Brexit: The UK's departure from the EU has implications for practitioners considering which courts have jurisdiction. For specific guidance, see...

1st Dec

Brexit

Practice notes

Discharge by frustration

Coronavirus (COVID-19): In addition to the below content on force majeure generally, see also:•Coronavirus (COVID-19) toolkit—Contracts•Coronavirus...

1st Dec

COVID-19

In-house

Practice notes

Brexit implementation period—applicable law

This Practice Note considers the rules for determining the applicable law, also known as governing law, as they will apply between the UK’s departure...

1st Dec

Brexit

Practice notes

Schemes of arrangement and restructuring plans—class issues

This Practice Note looks at the general principles involved in determining class issues. For a more detailed look at what may or may not fracture a...

Produced in partnership with Riccardo Alonzi of Skadden and Jonathan Akinluyi of Skadden 30th Nov

Practice notes