Restructuring Plans, Creditor Schemes, and Other Restructuring Tools

This timely new work provides the most comprehensive coverage of debt restructuring tools available in the UK including analysis of the new restructuring plan under Part 26A of the Companies Act 2006 and emerging themes from related precedent case law. The book is the first of its kind to provide a comprehensive analysis of the new restructuring plan.

Part A explains the law and practical application of the main types of creditor schemes of arrangement and restructuring plans in the UK. It analyses the tools available to market participants and other key stakeholders by reference to the capital structures most commonly seen in middle market and top tier European financings.

Part B provides a comparative analysis between company voluntary arrangements (including recent case law) and schemes and restructuring plans to enhance the reader's understanding of the implications of the various tools available. Part C covers administration and receivership sales and appropriations under the Financial Collateral Arrangements Regulations for private and public companies, written from the perspective of a practitioner with practical issues in mind. The primary subject matters of the book are complemented by chapters analysing the “distressed disposals” regime in the Loan Market Association form of Intercreditor Agreement, liability management transactions under high yields nots/bonds, and scheme/restructuring plan-related pensions issues.

This work is essential reading for all insolvency and debt finance lawyers advising on financial restructurings in the UK and Ireland. It provides practitioners involved in “new money” lending with a greater understanding of the consequences that transaction structuring and commonly negotiated features (e.g, debt incurrence regimes and other covenants, controls, and carve-outs) may have in a workout scenario.

Geoff O'Dea is a Partner at Goodwin Procter LLP. He specialises in restructuring, insolvency, and acquisition finance. His previous publications include Schemes of Arrangement Law and Practice (OUP, 2012, with Julian Long and Alexandra Smyth).