This article looks at Oceanfill Limited v (1) Nuffield Health Wellbeing Limited and (2) Cannons Group Limited [2022] EWHC 2178 (Ch) (Oceanfill), which was the first case in which the court (in a judgment of Deputy Master Arkush) determined the effect upon third-party guarantors of restructuring plans arising for sanction under Pt 26A of the Companies Act 2006. It considers the similarities in the court’s approach to schemes of arrangement and restructuring plans respectively, as well as the application of standard contractual principles in this area.