Regional news: United Kingdom

UK’s Lugano application suffers setback

The European Commission has recommended the EU does not give its consent for the UK to join the Lugano Convention – striking a blow to the ability of UK practitioners to seek recognition of schemes in Europe.

06 May 2021

Sanjeev Gupta’s Liberty Steel appoints restructuring committee, faces winding-up petitions

Norton Rose Fulbright, PJT Partners and Alvarez & Marsal are advising a new international restructuring and transformation committee appointed by Sanjeev Gupta’s Liberty Steel Group to help it navigate trade finance provider Greensill’s collapse.

06 May 2021

UK plans and schemes are insolvency proceedings under Cape Town Convention, say experts

English courts will probably reject restructuring plans and schemes of arrangements that modify certain aircraft creditors’ rights without their consent, according to an expert opinion on the impact of the Cape Town Convention in insolvency settings.

05 May 2021

Virgin Active landlord serves forfeiture as plan sanction hearing closes

Minutes before the end of Virgin Active’s five day-long contested plan sanction hearing, the court heard that the owner of one of its gym sites had served forfeiture proceedings because it said it would do better re-letting its West London premises afresh than under the plans.

05 May 2021

Valaris completes restructuring with UK administration

Two months after a Texas court confirmed its Chapter 11 plan, UK-incorporated offshore drilling contractor Valaris has completed a US$7.1 billion restructuring through a complementary pre-pack administration sale in the UK.

04 May 2021

Wind beneath my wings? Virgin Active probes court’s role in contested plans

On the fourth day of its contested UK plan hearings, counsel to Virgin Active, its secured lenders and opposing landlords clashed on how far the courts should assess the merits of restructuring plans: does satisfaction of the two conditions in Part 26A give the company “a fair wind”, or should the court be looking to see if something better is “waiting in the wings"?

04 May 2021

Virgin Active plan sanction hearing reaches closing submissions

Virgin Active’s contested plan sanction hearing continued through the May bank holiday with Mr Justice Snowden asking counsel for terms of reference on how to gauge whether its plans are just and equitable - noting that the gym chain appeared to be arguing “quite a broad proposition” that higher ranking creditors can determine how the group's value should be divided.

03 May 2021

Connected pre-pack scrutiny draws concern in UK

New legislation introducing independent scrutiny of connected party pre-pack administration sales has come into force in the UK – but some restructuring professionals tell GRR the new law is unlikely to achieve its objectives.

30 April 2021

English court recognises Ukrainian bank’s liquidation

The liquidator of a Ukrainian bank has received recognition in England under the UK’s Cross-Border Insolvency Regulations, five months after a Florida court granted Chapter 15 recognition of the bank’s 2015 liquidation.

30 April 2021

Landlords for lunch: day one of Virgin Active’s contested sanction hearing

“If you’re not at the table, it’s because you’re lunch,” said Robin Dicker QC, counsel to landlords of gym chain Virgin Active, as he challenged the company’s CEO on why its UK restructuring plans purported to work for its shareholders more than its property lessors.

29 April 2021

Get unlimited access to all Global Restructuring Review content