This Practice Note considers the main restructuring options in a debt funded acquisition finance deal and covers: • preliminary steps that may be taken following deterioration in financial performance • consensual restructuring • non-consensual restructuring, and • the relevant factors that will influence the approach taken to the restructuring What steps may be taken following a deterioration in financial performance? The diagram below shows a simplified diagram of a typical acquisition finance structure. When a leveraged credit encounters trading difficulties, depending on the severity of those difficulties, this is likely to result in one or more of the steps set out below being taken. Waiver or covenant re-set The relevant borrower/issuer will often seek a re-set and/or waiver of any financial covenant requirements in its financing documents. Any financial covenant requirements will have been set on the premise that the profitability of the business will improve over time or at least not worsen. Therefore,

Restructuring and Insolvency Brexit Q&As Post-Brexit, should parties certify that insolvency proceedings are ‘COMI proceedings, establishment proceedings or proceedings to which the EU Regulation as it has effect in the law of the United Kingdom does not apply’ where more than one jurisdictional gateway applies? Will the English courts’ assessment of COMI diverge from that of the EU Court of Justice post IP completion day? Can new territorial proceedings be commenced in the UK after IP completion day? After IP completion day, do the English courts have jurisdiction to place a foreign company into members’ voluntary liquidation under section 221(4) of the Insolvency Act 1986? How does Brexit effect forum shopping for corporates and bankruptcy tourism for individuals? What do you need to know if you’re making an administrator appointment after 11 pm on 31 December 2020? How can UK administration proceedings be recognised in the EU post IP completion day? To what extent are UK courts

This year’s annual round-up reviews some of the most significant developments of 2017 and previews what is on the horizon for 2018. This includes the coming into force of The Insolvency (England and Wales) Rules 2016 and the Recast Regulation on Insolvency, looking forward to the replacement Practice Direction on Insolvency Proceedings, and the General Data Protection Regulation and its impact on the insolvency profession. Also included are updates on LexisNexis®’s content, including news of exciting developments from the past year and what is coming up in the next 12 months. Reviewing 2017 The Insolvency (England and Wales) Rules 2016 What happened? On 6 April 2017 the Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) came into force, representing the single largest change in insolvency law in 30 years by repealing the Insolvency Rules 1986, SI 1986/1925 (IR 1986). What are the key implications? The IR 2016, SI 2016/1024 brought in various changes to procedure across various insolvency processes. More than a simple re-numbering

This week's edition of Restructuring and Insolvency weekly highlights includes: the publication by the Department for Business and Trade of its second annual progress report on the implementation of the Economic Crime and Corporate Transparency Act 2023, the endorsement by the Council of the EU of the Directive aimed at harmonising key aspects of insolvency law across member states, analysis of a decision that parallel Australian proceedings did not justify a stay of disqualification proceedings in this jurisdiction (Secretary of State for Business and Trade v Greensill), plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: the appointment of R3’s new president, Tom Russell, an analysis of the restructuring plan (RP) involving HMRC sanctioned for OutsideClinic Ltd, updated guidance for insolvency practitioners (IPs) dealing with regulated firms from the Financial Conduct Authority (FCA), plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: an analysis of whether a disputed restitutionary claim can support a statutory demand and winding-up petition (Soundwave Studios Music Group Ltd v Visage Group Management Ltd), the Department for Business and Trade’s third annual progress report on the implementation and operation of Parts 1–3 of the Economic Crime and Corporate Transparency Act 2023, the extension of the Insolvency Service’s consultation on corporate civil enforcement reforms to 22 June 2026, plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: an analysis of an application to restrain the presentation of winding-up petitions (SKS Justa & Co Ltd v Justa Ltd), the publication by the County Court at Central London of updated guidance to Business and Property work at Central London, plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: an analysis of an applicant’s standing in liquidation applications (McAteer v Hat & Mitre plc), a discussion on the court’s decision that an express declaration of trust is superseded by subsequent common intention constructive trust (Nilsson v Cynberg), plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: the Court of Appeal’s decision in respect of the Thames Water restructuring plan, an examination of a judgment in respect of a contested winding-up petition and two applications to set aside statutory demands (Martin v McLaren), a look at the principles that the court will apply when considering whether to give permission for expert evidence (Cohen v Co-Operative Group Ltd), plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: the publication by the Insolvency Service of its monthly insolvency statistics for April 2025, a discussion of the Court of Appeal’s dismissal of appeals against the High Court’s decision to sanction Thames Water’s restructuring plan (Kington v Thames Water), an examination of the availability of proprietary injunctions in antecedent transaction claims in insolvency proceedings (Khan v Goldfarb), plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: an analysis of the Supreme Court’s decision affirming that a defendant is liable in dishonest assistance for assisting a fiduciary who has made unauthorised profits in breach of their fiduciary duties to dissipate those profits to the detriment of the company (Stevens v Hotel Portfolio II UK Ltd), the Court of Appeal’s decision in a matter where property rights may be affected in applications for recognition of foreign bankruptcy proceedings (Vesnin v Queeld Ventures Ltd), a look at the applicability of the equity of exoneration (Armstrong v Harrow), plus a round-up of other news and cases for restructuring and insolvency professionals.

This week's edition of Restructuring and Insolvency weekly highlights includes: the publication by HMRC and Companies House of transitional plans outlining the timeline for commencing the key provisions of the Economic Crime and Transparency Act 2023, commentary on the implications of the Water (Special Measures) Bill, plus a round-up of other news and cases for restructuring and insolvency professionals.