Articles by author
The state of cross-class cramdown in the UK
Part 26A, introduced into the Companies Act 2006 by the Corporate Insolvency and Governance Act 2020 (CIGA), is an important tool to assist companies in financial difficulties, building on the Pt 26 scheme of arrangement. Part 26A contains a relatively thin set of statutory provisions that leave a great deal to be fleshed out by the courts. Judges have risen to the occasion and have begun to develop a structured approach to Pt 26A cases. There are, however, some difficult issues that are emerging in the process. This article aims to pull together a shopping list of these issues, to promote conversation among scholars, practitioners, and policy makers about the way forward.
22 NOV 2024A current legal problem when private equity is distressed
This Spotlight article is an executive summary of an article published in the Current Legal Problems (CLP) series, which is itself based on a CLP lecture that the author gave in November 2023.1 The current legal problem identified is that both modern private equity (PE) firms and senior lenders to PE portfolio companies have incentives to avoid a formal restructuring of PE portfolio companies in financial distress. The full article investigates what we can do to address this issue.
28 JUN 2024Wither principle in English corporate restructuring law?
In the UK, multiple procedures to achieve a restructuring are available which can be used alone or in combination with each other. Although there is much to be said for this approach in terms of flexibility and adaptability, there is also a risk of creeping inconsistencies in the regime, as different results are arrived at in determining the same issue depending on which procedure is used. In this article, Sarah Paterson explores a few examples and suggests a growing need for it to be addressed by the courts where that is possible, and by the legislature where it is not.
1 MAY 2021Book Review: Company Voluntary Arrangements: Law and Practice
Sarah Paterson of the London School of Economics and Political Science reviews a recent law and practice title
1 JUN 2022
