Sam Furse

Jun 24, 2024 | mondaq.com | Sam Furse |Claire Bundy |Nigel Boobier |Will Gunston

Osborne Clarke recently advised the administrators in two reported High Court cases which have confirmed that a "secured creditor" under section 248 of the Insolvency Act 1986 should be construed in the present tense, retaining the status of secured creditor only if it is still owed a debt by the company in administration.

Jun 21, 2024 | lexology.com | Sam Furse |Claire Bundy |Nigel Boobier |Will Gunston |Douglas Hawthorn |Aisling Connaughton | +1 more

Consent of secured creditors with no remaining economic interest is not needed to extend the administration of a companyOsborne Clarke recently advised the administrators in two reported High Court cases which have confirmed that a "secured creditor" under section 248 of the Insolvency Act 1986 should be construed in the present tense, retaining the status of secured creditor only if it is still owed a debt by the company in administration.

Oct 10, 2023 | lexology.com | Douglas Hawthorn |Sam Furse

Early engagement, targeted information requests and use of the court's disclosure powers may assist consideration of whether to support or oppose a planSince their introduction in 2020, restructuring plans have become increasingly common in the retail and consumer sectors, including fitness centres (Virgin Active and Fitness First), casual dining (Prezzo) and, most recently, in greeting cards and gifting (Clintons).

Oct 2, 2023 | lexology.com | Sam Furse |Douglas Hawthorn

HMRC has taken an increasingly active role in opposing restructuring plans with which it does not agreePreviously in this series, we explored whether restructuring plans present an alternative to formal insolvency, as well as the court's ability to exercise a cross-class cram down on opposing creditors. HMRC has taken an increasing interest in plans where a compromise of its debts is proposed.

Sep 26, 2023 | lexology.com | Sam Furse |Douglas Hawthorn

Even if the statutory conditions for cramming down the votes of dissenting creditors has been met, the court retains a discretion to consider other factorsCertain statutory conditions need to be met in order for the court to sanction a plan at least one class of creditors or members has not voted in favour of the plan by the requisite majority (being 75% in value of those present and voting) – referred to as the "cross-class cram down".