Part 26A restructuring plan Definition

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What does Part 26A restructuring plan mean?

Or restructuring plan; a restructuring plan proposed under Part 26A of the Comapnies Act 2006, created by CIGA 2000 similar in many ways to schemes but subject to CCCD and having no numerosity requirement. For a class to vote in favour, 75% of a class by value must agree to the plan.

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Checklist for compromises of FCA-regulated entities: information requirements

Checklist for compromises of FCA-regulated entities: information requirements Where a scheme of arrangement, restructuring plan, company voluntary arrangement or individual arrangement is proposed over a regulated firm (defined below), the Financial Conduct Authority (FCA) will need to be involved from an early stage. The FCA is the conduct regulator for financial services firms and financial markets in the UK. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises (through a scheme of arrangement, restructuring plan, company voluntary arrangement or individual arrangement) that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and...

Consultant’s appointment—checklist

Consultant’s appointment—checklist Consultant appointments take many forms and there is considerable flexibility in the layout and in the drafting of clauses. Parties may choose to adopt one of the standard forms of appointment published by industry bodies, see for example Practice Notes: RIBA Standard Professional Services Contract 2020 for Architectural Services, NEC Professional Service Contract, ACE Professional Services Agreement and CIC Consultants' Contract Conditions. Alternatively, many consultants and employers have their own bespoke terms for the appointment of consultants on construction projects. This Checklist sets out the key clauses which should generally be included in a well-drafted consultant appointment. It can be used when drafting or reviewing proposed terms for a consultant. This Checklist contains links to clauses within our clause bank which may be used or adapted for use in consultant appointments. For precedent forms of consultant appointment (which contain the provisions referred to below), see Precedents: Consultant’s appointment—long form design and Consultant’s appointment—long form non-design. Cover page For clarity, a well-drafted appointment should have a cover page containing...

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Scotland: Part 26A restructuring plan deal debrief—Premier Oil plc

Scotland: Part 26A restructuring plan deal debrief—Premier Oil plc Premier Oil plc applied for two inter-conditional Part 26A restructuring plans (RPs) for Premier Oil plc (now Harbour Energy plc) and Premier Oil UK Limited at a convening hearing in January 2021 and sanction hearing in March 2021 before the Scottish Court of Session, Outer House—this was the first time that the Scottish courts had considered an RP. The RPs were obtained in conjunction with an RP for Premier Oil Holdings Limited (POHL) obtained from the English High Court. The key points appear below. Premier restructured previously in both 2017 (see Practice Note: Premier Oil and the use of Schuldschein loans—Deal Debrief [Archived]) and 2020 (see Re Premier Oil plc) using Scottish schemes of arrangement under Part 26 of the Companies Act 2006 (CA 2006). These RPs in 2021 (for the reorganisation of Premier’s existing debt and cross-currency swaps) were part of a larger restructuring together with the Chrysaor Transaction (a contractual merger between Premier Oil and Chrysaor Holdings Ltd)—following...

Part 26A restructuring plan deal debrief—Atento

Part 26A restructuring plan deal debrief—Atento Atento UK Limited and Atento Luxco 1 applied for two Part 26A restructuring plans (RPs) at a convening hearing in October 2023 and sanction hearing in November 2023. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This deal debrief forms part of our Restructuring plans toolkit. For a list of deal debriefs from 2020 to present, see Practice Note: Part 26A restructuring plan deal debriefs. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Atento UK Limited (Atento UK) and Atento Luxco 1 (the Issuer) (together, the Plan Companies) Industry sector Customer relationship management and business process outsourcing service Place of debtor’s incorporation and jurisdictional factors Atento UK—England; Atento Luxco 1—Luxembourg.Atento UK executed a deed poll and assumed obligations...

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Restructuring plan/Scheme of arrangement: wording for company’s website

Restructuring plan/Scheme of arrangement: wording for company’s website These restructuring plan/scheme FAQs were last updated by the Company on [insert date the Company last updated these FAQs]. Q1: Why have you contacted me? We are contacting everyone we think might be a creditor/shareholder of [insert name of Company proposing the restructuring plan/scheme] (the Company), which has also traded as [insert trading names], to inform them about a restructuring plan/scheme of arrangement we are proposing. Creditors are people to whom the Company owes money. You might be a creditor because: we had a business relationship with you; the Company rented premises from you; or you supplied other goods or services to the Company. [Shareholders are people holding [ordinary] shares in the Company.] Q2: What is a restructuring plan/scheme of arrangement and why are you proposing it? A restructuring plan/scheme of arrangement is a legal process which allows a company to enter into an agreement with particular creditors/shareholders. For the restructuring plan/scheme to go ahead, it must be...

Witness statement to support application to sanction Restructuring Plan

Witness statement to support application to sanction Restructuring Plan On behalf of: applicant By: [insert name] No: [insert statement number] Exhibits: [insert details] Date: [insert date] Filed: [insert date] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE] [ BUSINESS AND PROPERTY COURTS] [ OF ENGLAND AND WALES] OR IN [insert location] OR THE COUNTY COURT AT [insert location] [ BUSINESS AND PROPERTY COURTS LIST In the matter of [insert company name] And In the matter of the companies act 2006 Statement of [insert full name] I, [insert full name], [insert role/job title] of [insert company name] of [insert address] will say as follows: 1 Introduction I am the [insert role/job title] of [insert company name] (the Company), having been appointed on [insert date]. I have been the officer of the Company most closely connected with the proposal that is the subject of this witness statement. The facts and matters to which I refer in this witness statement...

Dive into our 15 Precedents related to Part 26A restructuring plan

Can a restructuring plan still proceed if there is an extant winding up petition? Is there anything preventing a creditor issuing a winding up petition once a restructuring plan is launched?

Can a restructuring plan still proceed if there is an extant winding up petition? Is there anything preventing a creditor issuing a winding up petition once a restructuring plan is launched? A Part 26A restructuring plan (RP) can proceed even if there is an extant winding up petition. Generally the company will however seek an adjournment of the petition pending hearing of the RP. Alternatively, upon application the courts may stay (i) individual creditor claims under CPR 3.1(2)(f) or (ii) enforcement of judgments under CPR 83.7(4)(a), where there are special circumstances which render it inexpedient to enforce the judgment, each pending consideration of the plan (see Riverside CREM 3 Ltd v Virgin Active Health Clubs Ltd applying

Scotland—can a restructuring plan still proceed if there is an extant winding up petition? Is there anything preventing a creditor issuing a winding up petition once a restructuring plan is launched?

Scotland—can a restructuring plan still proceed if there is an extant winding up petition? Is there anything preventing a creditor issuing a winding up petition once a restructuring plan is launched? In Scotland, a Part 26A restructuring plan (RP) as found in Schedule 9 Part 1 of the Corporate Insolvency and Governance Act 2020 (CIGA 2020) can proceed even if there is an extant winding up petition. However, the process of winding–up in Scotland differs to that in England. In Scotland, the process of winding–up is governed by the Insolvency Act 1986. Once the court has deemed that the company is unable to pay its debts, first orders for service and advertisement are issued and the petition is served on the company. In contrast to English law, the company then has eight days to lodge answers to the petition and, if answers are lodged, a hearing

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Restructuring & Insolvency weekly highlights—5 June 2025

This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of the responsibilities of directors to keep and produce appropriately detailed copies of the company’s books and records (Re New Line Polymers Ltd (in liquidation)), an examination of the meaning of section 234 of the Insolvency Act 1986 (Carvill-Biggs v Reading), a close look at office-holder costs and adjudication challenges (Sanrose Investment Ltd v Foley), plus a round-up of other news and cases for restructuring and insolvency.

Restructuring and Insolvency weekly highlights—29 May 2025

This week's edition of Restructuring and Insolvency weekly highlights includes: the launch of our Market Insights Trend Report on Part 26A restructuring plans, an analysis of the convening judgment in the restructuring plan for Madagascar Oil Ltd, the launch of the 13th edition of Doyle, Keay and Curl: Annotated Insolvency Legislation, plus a round-up of other news and cases for restructuring and insolvency professionals.

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