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Airbus: „Es ist eine harte Auseinandersetzung
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Moratorium on winding up orders extended to September 2021 – and what of arrears? | Hogan Lovells
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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
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 Convention will not provide a post-Brexit route for Plans to be recognised in Europe.
Kulturen der Alpen: Urner Institut erforscht den ländlichen Strukturwandel
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