The WHOA includes amendments and new sections to the Dutch Bankruptcy Act and will introduce the Dutch equivalent of an UK scheme of arrangement or the US Chapter 11 in the Netherlands. The WHOA is expected to enter into force in 2020. The WHOA is also a first big step...

Although it has not been possible to replace the Bankruptcy Act with a completely new law (the last attempt was the "Preliminary Insolvency Act" ( Voorontwerp Insolventiewet) in 2007), the Bankruptcy Act has (fortunately) had many updates since 1893. The most recent update, the Modernization Bankruptcy Procedure Act ( Wet...

Backing a private equity sponsor in the leveraged finance market does not mean solely supporting the upfront, headline acquisition. Very often, a great deal of attention is rightly focused on how the lenders will support buy-and-build strategies by way of large, uncommitted lines of debt, known as "accordion", "additional" and...

The power of the court to sanction a restructuring plan where one or more classes of creditors or members has not voted in favour of the plan by the requisite majority (being 75% in value of those present and voting) is referred to as the "cross-class cram down". We have...

In this podcast, Sam Furse and Douglas Hawthorn of Osborne Clarke's restructuring and insolvency team speak to Jim Davies, a Partner in the Financial Advisory team at FRP Advisory, regarding the approach to valuation evidence in restructuring plans. In particular, this podcast focuses on: The approach taken by a valuer...

The Financial Reporting Council (FRC) has implemented changes to the Audit Enforcement Procedure (AEP) that give the FRC Board a wider decision-making remit in respect of "referral cases". Following consultation, the FRC has implemented changes to the AEP, with effect from 30 June 2023, which mean that when a case...

On 8 April 2020, the Council of Ministers approved Law Decree no. 23, published in the Official Gazette (General Series no. 94, Extraordinary Edition of 8 April, 2020), containing “ Urgent measures related to access to credit and tax obligations for businesses, special powers in strategic industry sectors, as well...

Previously in this series, we explored whether restructuring plans present an alternative to formal insolvency, as well as the court's ability to exercise a cross-class cram down on opposing creditors. HMRC has taken an increasing interest in plans where a compromise of its debts is proposed. Its approach was initially...