Law: Companies Act 2006 (UK)

Dissenting landlords crammed down in Fitness First restructuring plan sanction

The most likely relevant comparator to UK gym chain Fitness First’s restructuring plan would be a pre-pack administration sale, and not, as dissenting landlords submitted, a continuation of the business until February 2024, the English High Court has found in a reasoned decision sanctioning the plan.

12 July 2023

HMRC pulls the plug on GAS’s restructuring plan

A British energy supply broker has entered administration after failing to convince an English court to sanction a Part 26A restructuring plan that would have wiped out £6 million in unpaid tax liabilities, marking the first case where a plan failed both the no worse off and fairness tests.

16 May 2023

Creditors to vote on Fitness First’s workout plan

UK-based gym group Fitness First has secured court approval to convene meetings for nine classes of creditors to vote on an English restructuring plan to slash its rental liabilities and extend the deadline on a half-million-pound payment owed to the UK tax office.

10 May 2023

German manufacturer secures English restructuring plan meetings

A mid-sized German manufacturer has cleared the first hurdle in its bid to restructure its English law-governed debt after the High Court in London allowed it to convene creditor meetings.

26 April 2023

GAS sanction reserved as English court considers UK taxman’s cramdown

A sanction hearing testing the power of Part 26A restructuring plans to cramdown the UK tax authority has ended with a reserved judgment.

25 April 2023

Energy broker’s UK plan sanction adjourned following HMRC complaints

The High Court in London has adjourned a sanction hearing for an English energy supply contract broker’s restructuring plan following complaints by the UK’s tax authority and three allegedly out-of-the-money creditors.

17 March 2023

British care home group’s Part 26A plan raises question on shareholders’ interests

Seven companies in a British care home group have been permitted to convene restructuring plan meetings for up to five creditor classes, after the English High Court rejected requests from the group’s former CEO to be placed in a separate class to unsecured creditors.

17 January 2023

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