Thursday, August 26, 2021
Opening the door for the SME market, Sir Alistair Norris has sanctioned the first ever restructuring plan for a mid-market company. The plan sanctioned in Amicus Finance PLC (in administration) is also the first restructuring plan proposed by insolvency practitioners and the first to cram down a secured creditor.
The sanction judgment is short, but the adjourned convening hearing that was dealt with by Mr Justice Snowden (the first hearing was before Mr Justice Trowers) gives some insight into the plan.
There were, so it seems from the convening judgment, a few bumps in the road, but with a helpful steer from the court the bumps were flattened, creditors meetings were ordered and the restructuring plan sanction…
Read the full article at: https://www.natlawreview.com/article/uk-court-sanctions-first-mid-tier-company-restructuring-plan