Restructuring Plans in European Cross-border Restructurings – One Gate Closes but Another One Opens | Dechert LLP
Key Takeaways The use of the UK restructuring plan (" Plan") introduced last summer has been gathering pace with a handful of recent judgments seeing it used to implement cross-border restructurings instead of UK schemes of arrangement (" Schemes"). In a significant recent judgment in respect of a Plan proposed by Gategroup 1, the High Court decided that Plans are insolvency proceedings falling outside the scope of the Lugano Convention. 2 Classifying Plans as insolvency proceedings is likely to complicate their use in Europe, and it is clear that, based on this decision, the Lugano Conventio...
Source: jdsupra.com