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Differences between restructuring plans, schemes of arrangement, and CVAs Part 26A restructuring plans The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduced a new restructuring tool, namely a Part 26A restructuring plan. Consultation responses and discussions with stakeholders persuaded the government of the benefits of modelling the restructuring plan procedure on that of schemes of arrangements. As well as familiarity, this had the advantage of providing a long-established and tested body of jurisprudence that courts are able to draw upon when dealing with certain aspects of restructuring plans and considering matters such as class formation (ie relevant scheme case law is applicable to certain provisions of the new restructuring plan procedure, see: Schemes of arrangement—overview). CIGA 2020 introduced a restructuring procedure that allows a company to bind all creditors or members, including junior (or senior) classes of creditors even if they vote against the plan, through the use of a cross-class cram down (CCCD) provision if certain conditions are satisfied (see Practice Note: Cross-Class Cram Down under a Part...
Checklist: British Property Federation engagement protocol and red flags for company voluntary arrangements The British Property Federation (BPF) is an industry group for the UK real estate industry and strongly encourages prospective proposers of a company voluntary arrangement (CVA) and their nominees to consult with the BPF in advance of a CVA proposal being distributed. This allows representatives of the landlord community to identify particular issues within a CVA that may need to be addressed, and therefore helps to maximise the likelihood of approval. This engagement should (say the BPF) be in addition to—and not a substitute for—engagement with individual landlords (or groups of them) in relation to matters specific to them. The BPF protocol includes a statement of best-practice, which details how they expect companies to engage with the BPF on potential CVAs. Part of this guidance is a list of what the BPF believes to be the top 10 ‘red-flag’ clauses for landlords. The BPF cautions any prospective landlord voting on a proposed CVA to look out for...
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Dispute resolution: key appeal cases—2025 This Practice Note comprises two elements intended to assist dispute resolution practitioners in keeping up to date with developments in case law that affect their practice area, or which impact civil litigation procedure generally: • selected forthcoming appeals to the Supreme Court are noted below; see Dispute resolution: key appeal cases—2025—Part 1: Key forthcoming appeals to the Supreme Court—2025 • summaries of the key appeal cases in England and Wales (ie decisions of the Court of Appeal and Supreme Court and, where relevant, some judgments of the Competition Appeal Tribunal, Judicial Committee of the Privy Council (JCPC), Court of Justice of the European Union), and ECtHR, which we have reported; see: Dispute resolution: key appeal cases—2025—Part 2: Key civil litigation appeals in review—2025 This content can be browsed through the table of contents in the left margin. Alternatively, this tracker can be searched using [CTRL]+[F]. This content is not intended to provide an exhaustive list of all appeals or key decisions relevant to dispute resolution...
The CVA proposal and procedure The company voluntary arrangement (CVA) proposal will contain the terms of a compromise between a company and its creditors, and therefore must be comprehensive and accurate. Where the proposal or circumstances are complex, the draft should be reviewed or prepared by a lawyer to ensure it correctly reflects the intentions of the arrangement. The proposal needs to be clear and understandable. The proposal should be fair to the company, its creditors and any other parties involved. This does not mean that all creditors must be treated in the same way, though to avoid the risk of a challenge, any differing treatments must be justifiable (see Practice Note: Challenging the approval of a CVA—unfair prejudice, material irregularity). A CVA may be proposed either by the: • directors, where the company is not in an insolvency process, or • administrator or liquidator Where the CVA involves a regulated firm (ie firms authorised under the Financial Services and Markets Act 2000 (FSMA 2000) and firms authorised or...
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Arbitration analysis: In this decision, the Hong Kong Court of First Instance dismissed an application under section 34 of the Arbitration Ordinance (Cap 609) challenging an arbitral tribunal’s jurisdiction over a shareholder dispute involving allegations of oppressive and discriminatory conduct. The court held that such claims while potentially relevant to a future winding-up petition under the Cayman Islands Companies Act, were both arbitrable and within the scope of the parties’ arbitration agreement. Drawing on the Privy Council’s reasoning in FamilyMart China Holding Co Ltd v Ting Chuan (Cayman Islands) Holding Corp, the court clarified that arbitral tribunals may determine factual disputes underlying such petitions even if statutory remedies remain solely within the Cayman courts. This decision confirms Hong Kong’s alignment with a pro-arbitration position in corporate disputes involving offshore structures. Written by Julien Chaisse, Professor at City University of Hong Kong School of Law.
Welcome to the weekly highlights from the Lexis®PSL Dispute Resolution team for the week ending 22 December 2016—our final highlights for 2016. This week, we feature our interactive resource guiding customers through the key Dispute Resolution cases and developments of 2016 and the 87th update to the CPR. We highlight news and analysis on a broad range of matters, including: proprietary freezing orders (Marino); case management (Simpson); applicable law (Banca Santander Totta); cause of action estoppel (Mandic-Bozic); LIBOR claims (Property Alliance); and adjudication (Octoesse). We also identify relevant News Analysis from other Lexis®PSL practice areas, the latest substantive amendments to our core content, new Q&As and recent posts on the Dispute Resolution blog. All this, and more, in our weekly highlights. We’d like to thank our customers, contributors and Editorial Board for their support this year, and wish you all a very pleasant festive break. See you all in 2017!
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