Restructuring Plans, Creditor Schemes, and other Restructuring Tools

Abstract

This book is a practical guide to the main restructuring tools at the disposal of practitioners in the UK, including restructuring plans under Part 26A of the Companies Act 2006, schemes of arrangement under Part 26 of the Companies Act in the UK, and the Irish Companies Act 2014 in Ireland, company voluntary arrangements under the Insolvency Act 1986, pre-packaged administration sales, receivership sales, Financial Collateral Regulation appropriations, Loan Market Association distressed disposals, and intercreditor agreement issues (including key definitions and provisions, cash versus non-cash consideration, release or transfer of debt, common conditions to releasing debt and breach: damages and specific performance), liability management transactions (including exchange offers explained, exit consents explained, power of the majority to bind the minority-case law and considerations and application to loan agreements), restructuring documentation (lock-up agreements, waiver letters, forbearance agreements, creditor committee appointment documentation and insider dealing laws, restructuring agreements, and term sheets and trustee/receiver indemnities), and select pensions issues. The book considers in depth the meaning of key legal terms, commentary and consideration of the main cases and recent developments and offers commentary on various issues which arise in practice when considering and implementing these restructuring tools. The book is the first major work on the new restructuring plan law under Part 26A of the Companies Act 2006.