Our Restructuring plans collection is an interactive guide to restructuring plans under Part 26A of the Companies Act 2006. A restructuring plan is a formal arrangement

Relevant articles The Corporate Rescue and Insolvency and Journal of International Banking and Finance Law journals include many useful articles on Part 26A restructuring plans for restructuring & insolvency lawyers which can be linked to from this page. These articles are only available to Lexis®Library subscribers. Date Article Brief description of article 1 August 2026 AI's current and emerging impact on restructuring and insolvency: (2026) 8 JIBFL 535 Paul Sidle, counsel in the Restructuring and Insolvency Group at Linklaters LLP, London, explores what the challenges posed by AI might look like in a distressed context. While the courts develop answers, the author outlines concrete steps that directors, insolvency practitioners and creditors can take now. 1 July 2026 Entirely unco-operative, Part 2: if an LME becomes a Restructuring Plan will anti-co-ops limit the Plan's likelihood of approval or fracture the class?: (2026) 7 JIBFL 470 This article is the second part of 'Entire agreement clauses: entirely unco-operative to void co-ops? Part 1' published in June's edition of JIBFL (2026) 6 JIBFL 398. Georgia M

Relevant news analysis The Lexis+® UK teams regularly publish analysis on Part 26A restructuring plans, which are set out in the table below. Date News Analysis Brief description of news analysis 15 October 2026 Cross-class cram down after Petrofac—fairness without a formula (Re A Company) In Re A Company, the High Court sanctioned a Part 26A restructuring plan for Iguanas Holdings Ltd using cross-class cram down despite opposition from a class of landlords. Applying the Court of Appeal’s decisions in Petrofac and Thames Water, Mr Justice Meade confirmed that creditors ‘out of the money’ in the relevant alternative cannot simply be disregarded, but that fairness requires no prescribed allocation of restructuring benefits. The pre-pack administration alternative, which deprived dissenting landlords of material holdout leverage, was central to the court’s assessment. The decision highlights the importance of evidence justifying differential creditor treatment, demonstrating the secured creditor’s contributions and providing unsecured creditors with meaningful participation in future upside.Produced in partnership with Ben Rutledge, Managing Associate and Nathan Tidd, trainee solicitor of Keidan Harrison LLP. 17

Restructuring and Insolvency analysis: Opposing creditors are likely to obtain orders for disclosure where there is a serious information imbalance. They are unlikely to obtain an order that another party creates a document for their use because the information being sought must be limited to that which is already in existence. Sanction hearing timescales might be revised if insufficient information is available at the convening hearing thereby preventing the parties from being in a position to make fully informed submissions with regard to what might be in issue and the evidence to be relied upon at the sanction hearing. Written by Andrew Mace, barrister at 9 Stone Buildings.

Restructuring & Insolvency analysis: In November 2023, Mr Justice Miles sanctioned restructuring plans under section 901F of the Companies Act 2006 (CA 2006) in respect of two companies within the Atento group. The plans had significant creditor support, did not involve any cross-claim cram down and achieved a demonstrably better outcome for creditors than the alternative, a group-wide liquidation. Written by Phillip Patterson, barrister, Gatehouse Chambers.

This Practice Note looks at the restructuring process, including the key requirements, the key stages, and the stabilising, preparation and implementation phases. Once a company starts showing signs of distress, its directors must act quickly if they want to complete a successful restructuring. The timing of the process varies from deal to deal, and tends to be longer if the deal is complex, includes many parties or involves several different jurisdictions. However, the general trend is for restructurings to be completed more quickly as parties become used to assessing the various options. Key stages The key stages are usually to stabilise the company, prepare for the restructuring, then implement the restructuring: • stabilising phase: ◦ note warning signs eg covenant breaches ◦ identify key players ◦ agree standstill with creditors ◦ form creditors’ committee ◦ call first meeting of all senior secured lenders exposed to the company • preparation phase: ◦ review information and documentation and conduct due diligence (see: Security review checklist and Practice Notes: Restructuring—initial steps and A guide to independent business reviews)

Restructuring & Insolvency analysis: Did the terms of a trust deed disenfranchise the noteholders from voting on a restructuring proposal that they would otherwise have been able to block?

This Practice Note looks at the initial steps when considering a restructuring, including director duties, security review, cashflow, PR considerations, suppliers/customer considerations, and general business review. Initial steps Whether you are acting for the debtor, creditor, potential purchaser or shareholder, and regardless of which jurisdiction the restructuring takes place in (see Practice Note: Benefits of various jurisdictions), the first step is to obtain all relevant security documentation and conduct due diligence on the company or group of companies. On larger restructurings where there are multiple parties and advisers, it is common for one party to take responsibility for the deal contact list (often the senior lenders) and you should add your team’s contact details (phone, email, etc) promptly so that early communications can take place. You will also see which firms are acting for each party, which can be useful, eg if bondholders have formed a committee and instructed lawyers, negotiations may be protracted. Given the aim is to restructure the company, it is important to understand the live-side business when assembling your internal team. For example,

A trust founded on the presumed intention of the settlor.

Resulting trusts represent one of the three types of trust which do not require to be declared or evidenced in writing. The others are constructive and implied trusts, although it is perhaps doubtful whether there is any form of implied trust which is not in fact either a resulting trust or a constructive trust (‘implied’ often being used simply as a synonym for ‘resulting’ or ‘constructive’ in this context). Categorisation of resulting trusts Resulting trusts are either presumed or automatic. A presumed resulting trust arises: • where there is a voluntary transfer of property by one person to another, or • where title to property is put into the name of someone other than the person who has provided the purchase money or other consideration for the acquisition An automatic resulting trust arises where the disposing party has failed to dispose of their entire legal and beneficial interest in the property which is the subject of the disposal. Presumed resulting trusts Voluntary conveyance The presumption of a rebuttable resulting trust arises on the voluntary transfer of personalty. However,

Pensions analysis: The Government has published the results of its consultation on proposals to amend certain judicial pension schemes. No objections were received, and the Government intends to have the proposals brought into force by 6 February 2025.

A lease of agricultural property may often contain a clause entitling the landlord to resume part of the land in certain circumstances. In the case of 1991 Act Tenancies resumption is largely governed by the terms of the lease, apart from provisions governing the tenant's entitlement to compensation. A landlord can only resume land from an agricultural holding from a tenant under a 1991 Act Tenancy if power to do so is expressly provided for in the lease. In Pigott v Robson (1958 SLT 49 (not reported by LexisNexis®)) it was held that the lease provisions were not wide enough to allow the landlord to resume in order to farm the land themselves. There are no statutory powers of resumption for 1991 Act Tenancies under the Agricultural Holdings (Scotland) Act 1991 (AH(S)A 1991). In the case of 2003 Act Tenancies, the Agricultural Holdings (Scotland) Act 2003 (AH(S)A 2003) allows resumption by the landlord in short limited duration tenancies (SLDTs), limited duration tenancies (LDTs) and modern