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Cineworld: contracting out of a restructuring plan
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Can you contract out of being included in a restructuring plan? In English law, that is an issue of considerable interest to borrowers and creditors when considering consensual compromises. It raises important questions about the policy of insolvency and restructuring law, particularly in the context of restructuring plans.
That issue arose in UK Commercial Property Finance Holdings Limited v Cine-UK Limited & Anor [2024] EWHC 2475 (Ch). The court had to grapple with the logic and limits of negative covenants in the zone of Pt 26A of the Companies Act (Pt 26A). Not all of those issues were resolved by the court. Importantly, the court opted not to grasp the nettle and consider whether a negative covenant not to be included in a restructuring plan is enforceable at all.
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