Restructuring

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Restructuring guidance:

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 requested •...

Practice Note

What is second lien financing? Second lien financing is a form of financing that is principally secured on a second ranking basis by the same security package as senior...

Practice Note

During the term of a facility, the borrower's financial position is likely to fluctuate. Sometimes, its circumstances change to such an extent that it wants the terms of...

Practice Note

Reasons for amending security documents and key risks Reasons for amending a security document There are situations where parties may consider amending security...

Practice Note

Short selling, or 'going short', is a technique whereby traders sell shares or debt instruments ('securities') which they do not own at the time of entering into the...

Practice Note

THIS PRACTICE NOTE APPLIES TO MULTI-EMPLOYER DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES Apportionment arrangements provide exiting employers of underfunded defined...

Practice Note

BREXIT: 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. For guidance, see...

Practice Note

The range of funding options open to companies has exploded, resulting in a vast array of different capital and security structures. Before the 2007/8 credit crunch, it...

Practice Note

The table below compares the features and benefits of a scheme of arrangement (see: Schemes of arrangement—overview) with two alternate processes available in England and...

Practice Note

Brexit impact This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For further details of the impact on the Recast...

Practice Note

It's important to consider the underlying finance documents to determine the requisite majorities of creditors which can block certain actions necessary to maintain an...

Practice Note

The terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be issued either continuously or...

Practice Note

General overview of asset sales Whether a buyer is purchasing assets from a solvent seller, or a seller which is distressed or in a formal insolvency proceeding, will...

Practice Note

Introduction This Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the Insolvency Act 1986...

Practice Note

In the initial stages of distress, the lending group or creditors' committee may request that an independent chief restructuring officer (CRO) is appointed within the...

Practice Note

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

Practice Note