Restructuring plan: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Layout.) |
imported>Doug Williamson (Add link.) |
||
| Line 41: | Line 41: | ||
* [[Voluntary liquidation]] | * [[Voluntary liquidation]] | ||
* [[Winding up petition]] | * [[Winding up petition]] | ||
* [[Workout]] | |||
* [[Wrongful trading]] | * [[Wrongful trading]] | ||
Revision as of 22:43, 23 June 2021
Law - UK - insolvency.
The restructuring plan is a UK insolvency procedure introduced by the UK's Corporate Insolvency and Governance Act 2020.
The restructuring plan is designed to be a more flexible means of implementing a restructuring for companies facing financial distress.
- Potentially very useful reform
- "The procedure is closely based on the scheme of arrangement, but with some important distinctions.
- Most notable is the inclusion of a cross-class, cram-down mechanism.
- This will allow the court to sanction a plan even if the support of a class has not been obtained, as long as certain conditions are met.
- The restructuring plan has the potential to be a very useful addition to the toolkit, and the first such plan has already been proposed, although there are a number of complex issues that will need to be worked through and tested in practice."
- The Treasurer magazine, October 2020, p40 - Slaughter and May.
See also
- Balance sheet insolvent
- Cash flow insolvent
- Chapter 11
- Company voluntary arrangement
- Corporate Insolvency and Governance Act
- Cost of financial distress
- Creditors
- Individual Voluntary Arrangement
- Insolvency
- Insolvency practitioner
- Insolvency Service
- London Approach
- Moratorium
- Scheme of arrangement
- Solvency
- Statement of affairs
- Statutory demand
- Voluntary liquidation
- Winding up petition
- Workout
- Wrongful trading
