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PRACTICE NOTES
Nasmyth Group Ltd applied for a Part 26A restructuring plan (RP) at a convening hearing in February 2023 and sanction hearing on 24–26 April 2023. Sanction was refused. The key terms appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Nasmyth Group Ltd (the Company) Industry sector Aerospace manufacturing Place of debtor’s incorporation and jurisdictional factors Timeline 8 December 2022 (together with the updates dated 19 January 2023, 27 January 2023 and 31 January 2023): Practice Statement Letter (PSL) circulated17 January 2023: Part 8 claim form issued31 January 2023: Western Union served a statutory demand on the Company14 February 2023: convening hearing3 March 2023: creditors’ meetings24–26 April 2023:
PRACTICE NOTES
National Car Parks Limited applied for a Part 26A restructuring plan (RP) at a convening hearing in 2021, however it did not proceed to the sanction hearing stage and was discontinued following opposition from various landlord creditors. It subsequently entered into administration in March 2026. The key points appear below (capitalised terms not defined herein are as defined in the convening judgment). Name of plan company National Car Parks Limited (the Company) Industry sector Car parks Place of debtor’s incorporation and jurisdictional factors England and Wales Timeline 23 March 2021: initial webinar to landlords (plus further question and answer sessions were held on 29 March 2021 and 1 April 2021)30 April 2021: Practice Statement Letter (PSL) circulatedEarly May 2021: RP advertised in The London Gazette, Property Week and The Estates Gazette15 May 2021: supplemental PSL circulated (which informed creditors that the Company was not proposing to commence the marketing of any part of its business or assets)13 May 2021: the Company’s sub-tenants were notified
PRACTICE NOTES
Petrofac Limited (Petrofac) and Petrofac International (UAE) LLC (Petrofac International) applied for Part 26A restructuring plans (RP) at a convening hearing in March 2025 and sanction hearing in April/May 2025. Dissenting creditors successfully appealed to the Court of Appeal, overturning the sanction order. Petrofac had filed an application for permission to appeal with the Supreme Court, subsequently announced an agreement in principle with the dissenting creditors, but then announced that administrators had been appointed over Petrofac Limited following the loss of a major customer. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2024 and commentary from leading lights in the restructuring world, see News Analysis: Market Insights Trend Report—trends in Part 26A restructuring plans in 2024. Name of plan companies This is an application by two companies, Petrofac Limited and Petrofac International (UAE) LLC (together
PRACTICE NOTES
PizzaExpress Financing 2 plc applied for a Part 26A restructuring plan (RP) at a convening hearing in September 2020 and sanction hearing in October 2020. The key points appear below (capitalised terms not defined herein are as defined in the convening judgment). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company PizzaExpress Financing 2 plc (the Company) Industry sector Restaurants Place of debtor’s incorporation and jurisdictional factors England & Wales plus COMI in the UK.The Company entered a Contribution Deed one month before the convening hearing effectively making it a primary obligor. Legal counsel involved The Company: Mr D Allison QC AND Mr R Perkins The Ad Hoc Group (AHG): Ms F Toube QC AND Mr A Al-Attar Timeline 20 March 2020: the
PRACTICE NOTES
Poundland Limited applied for a Part 26A restructuring plan (RP) at a convening hearing in July 2025 and sanction hearing in August 2025. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans toolkit. For a detailed analysis of key metrics from the RPs filed in 2024 and commentary from leading lights in the restructuring world, see News Analysis: Market Insights Trend Report—trends in Part 26A restructuring plans in 2024. Name of plan company Poundland Limited (the Company) Industry sector Retail Place of debtor’s incorporation and jurisdictional factors The Company was incorporated in England and Wales. Legal counsel involved The Company: Mr Tom Smith KC, Miss Georgina Peters, and Miss Madeleine Jones (instructed by DLA Piper UK LLP)Supporting creditor, PEU(Tre) Limited: Ryan Perkins (instructed by Slaughter and May LLP) Timeline 7 April 2025: Pepco launched a competitive sales process for Poundland12 June 2025: sale agreed12 and 13 June 2025: Practice
PRACTICE NOTES
Poundstretcher Limited (the Company) applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2026 which was sanctioned by the court in June 2026. The key points appear below (capitalised terms not defined herein are as defined in the convening/sanction judgment). This Deal Debrief forms part of our Restructuring plans toolkit. For a detailed analysis of key metrics from the RPs filed in 2024 and commentary from leading lights in the restructuring world, see News Analysis: Market Insights Trend Report—trends in Part 26A restructuring plans in 2024. Name of plan company Poundstretcher Limited. Industry sector Retail. Place of debtor’s incorporation and jurisdictional factors The Company (a wholly owned subsidiary of Poundstretcher Leicester Limited (PLL)) is incorporated in England and Wales and is the tenant under 298 operating-store leases; the Poundstretcher Group employs approximately 3,000 people across the store network, distribution centre and head office. The RP included 31 leases in Scotland (governed by Scottish law) and 14 leases in Northern Ireland (governed by Northern Irish
PRACTICE NOTES
Prezzo Investco Limited applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2023 and sanction hearing in June 2023. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Prezzo Investco Limited (the Company) Industry sector Restaurants Place of debtor’s incorporation and jurisdictional factors England & WalesThe Company entered a deed poll on 2 May 2023 and so assumed all of the obligations of Prezzo Trading Limited. Timeline 2 May 2023: Practice Statement Letter (PSL) circulated2 May 2023: the Company entered into a deed poll with Prezzo Trading to facilitate the RP by which the Company assumed all obligations of Prezzo Trading to the
PRACTICE NOTES
Project Lietzenburger Strasse Holdco SÀRL (incorporated in Luxembourg) applied for a Part 26A restructuring plan (RP) at a convening hearing in 2023 and sanction hearings in 2024. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). Sanction was initially refused, but the hearing was treated as a second convening hearing which allowed consideration of an Amended Plan, which was later sanctioned. The Company is part of a wider sub-group of companies (the Group) held under Aggregate Holdings 4 S.à.r.L. (Ah4). One of the companies within the group, Project Lietzenburger Straße PropCo S.à.r.L., owns a development site on the ‘Ku’Damm’, a well-known shopping boulevard in Berlin (the Development), one of the largest uncompleted commercial real estate projects in Germany. This deal debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends
PRACTICE NOTES
Project Verona Limited applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2024. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans collection. Name of plan company Project Verona Limited (the Company), a wholly owned subsidiary of a wider group (the Group) headed by Tasty Plc. Industry sector Restaurants Place of debtor’s incorporation and jurisdictional factors England & Wales.The Company entered into a deed poll under which it assumed liability for certain liabilities owed by the Group. Legal counsel involved The Company: Mr M Weaver KC and Ms K Longstaff (Radcliffe Chambers) (instructed by Shoosmiths LLP) Timeline 9 April 2024: Company entered into a Deed Poll, under which it assumed liability for certain liabilities10 April 2024: Practice Statement Letter (PSL) circulated and posted on the website19 April 2024: Supplemental PSL circulated and posted on the website29 April 2024: original
PRACTICE NOTES
Enzen Global Ltd and its subsidiary, Enzen Ltd applied for two inter-conditional Part 26A restructuring plans (RPs) at a convening hearing in February 2025 and sanction hearing in March 2025. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan companies Enzen Global Ltd (the Parent) and its subsidiary, Enzen Ltd (the Company), together referred to as the Plan Companies. Industry sector Advice and services to the energy and water sectors Place of debtor’s incorporation and jurisdictional factors England and Wales Legal counsel involved The Company: Mr Adam Al-Attar KC and Ms Stefanie Wilkins (instructed by Simmons & Simmons LLP)Secured Creditors: Ms Charlotte Cooke (instructed by Paul Hastings LLP)HMRC:
PRACTICE NOTES
OutsideClinic Ltd applied for a Part 26A restructuring plan (RP) at a convening hearing in February 2025 and sanction hearing in March 2025. The key points appear below (capitalised terms not defined herein are as defined in the sanction judgment). This Deal Debrief forms part of our Restructuring plans toolkit. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023. Name of plan company OutsideClinic Ltd (the Company) Industry sector Medical Place of debtor’s incorporation and jurisdictional factors England and Wales Legal counsel involved The Company: Matthew Weaver KC and Lauren Kreamer (instructed by Shoosmiths LLP)HMRC: William Willson Timeline 24 January 2025: Practice Statement Letter (PSL) circulated (supplemented on 14 February and 21 February)27 January 2025: Part 8 claim form issued21 February 2025: convening hearing before Mr Justice Adam Johnson (see Re OutsideClinic Ltd [2025] EWHC 1560 (Ch))11 March 2025: Modification
PRACTICE NOTES
Speciality Steel UK Ltd applied for a Part 26A restructuring plan (RP) at convening hearings in December 2024 and March 2025. However, the RP did not reach the sanction hearing stage and instead the Company was the subject of a compulsory winding up order on 21 August 2025 with the appointment of the Official Receiver as liquidator and Teneo as Special Managers. The key points appear below (capitalised terms not defined herein are as defined in the convening judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Speciality Steel UK Ltd (the Company) Industry sector Steel Place of debtor’s incorporation and jurisdictional factors The Company is incorporated in England and Wales. Legal counsel involved The Company: Mr Marcus Haywood and Mr Daniel Judd (instructed by