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UK: What is the Fuss About Gategroup?

Tuesday, March 16, 2021 Re gategroup Guarantee Limited [2021] EWHC 304 (Ch) ( Re gategroup Guarantee Limited) and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings. IN DEPTH The Restructuring Plan The UK restructuring plan was introduced by the Corporate Insolvency and Governance Act 2020 as a new Part 26A of the Companies Act 2006 (the  Restructuring Plan) and is substantially modelled on the existing UK scheme of arrangement under Part 26 of the Companies Act 2006 (the  Scheme). Restructuring Plans primarily differ from Schemes in the following respects: A company may use Restructuring Plans where: (i) it has encountered, or is likely to encounter, financial difficulties that are affecting, or will or may affect, its ability to carry on business; and (ii) a compromise or arrangement is proposed between the company and its creditors and/or members (or an

Investegate |Maven Inc&Grwth 5 Announcements | Maven Inc&Grwth 5: Annual Financial Report

  The financial year to 30 November 2020 has been a period of significant challenge and uncertainty, following the emergence of the COVID-19 pandemic and the subsequent imposition of protective measures and restrictions that have had a wide reaching impact on the economy and our society. This public health crisis has touched the lives of many people and our thoughts are with everyone who has been affected.   Notwithstanding the disruption caused by the pandemic, your Board is pleased to announce a slight uplift in NAV total return at the year end to 79.83p per share. Under the circumstances, the Directors consider that this is a creditable performance, which reflects the strength and diversity of the underlying portfolio and the ability of most investee companies to adjust to the current market conditions. Notably, the AIM quoted portfolio performed strongly during the year, with the majority of holdings reporting positive trading updates and share price appreciation. In terms o

Changes for restructuring and insolvency market – predictions for 2021

Introduction At the start of 2020, we considered what changes the UK restructuring and insolvency market might expect to see during the year – however no one could sensibly have predicted the significant and far reaching impact of COVID-19. In part 1 of our blog, we look back at 2020 and look forward to what the UK restructuring market can expect in 2021 considering the new Insolvency Laws, expected Rule changes, pre-pack sales and practice and procedural points. Insolvency Laws – all change in 2020, what about 2021? Last year we saw the proposed corporate insolvency reforms fast tracked into the legislative books making both temporary and permanent changes to the UK s insolvency laws. See our Quickguide on Changes to the UK Insolvency Regime – what the Act means for UK Businesses as a useful overview of the changes.

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