RPS meaning

The below tables provide an overview of: various factors that do not necessitate distinct classes (ie do not split the class) various factors that have been treated as warranting distinct classes (ie do split the class) in Part 26 scheme and Part 26A restructuring plan cases Judges have held that the caselaw on schemes is equally applicable to restructuring plans on many issues (see Re PizzaExpress (convening) and Re Virgin Atlantic), including class formation, although the Court of Appeal in Adler confirms that cross-class cramdown (CCCD) in restructuring plans does require different considerations; see Practice Note: Cross-Class Cram Down under a Part 26A restructuring plan. As a note of caution, it is important to recognise that class analysis is highly fact-specific, and it is possible that another judge, faced with a slightly different factual pattern, might reach a different conclusion to that set out below on the particular facts presented. For a detailed analysis of key metrics from the RPs filed...

What does the Market Insights Trend Report cover? The Market Insights Trend Report delivers a comprehensive examination of the RPs reviewed by the courts in 2024. It also offers perspective on key patterns and outlines what we, with our contributors, anticipate for 2025 and beyond...

In this issue: Standard form contracts Defects Consultants on construction projects Planning Procurement Construction industry news Daily and weekly news alerts New and updated content Construction trackers No Weekly Highlights on 24 April 2025 Standard form contracts JCT sets out intention to launch new Target Cost Contract at Parliamentary Reception JCT has set out plans to launch its new Target Cost Contract, part of the JCT 2024 Edition, at the annual Construction Industry Parliamentary Reception on 13 June 2025. The suite comprises a main contract, a sub-contract and guides, aimed at projects that adopt a target cost with arrangements to share any difference. Payment will be based on an 'allowable cost', a 'contract fee' and, where relevant, a 'difference share'. JCT is also producing online resources to help users with implementation. The Reception will recognise JCT’s achievements and provide an early glimpse of these resources. See: LNB News 16/04/2025 41...

In this issue: Corporate insolvency process Personal insolvency Document review Restructuring Directors and insolvency Creditor participation Employees and insolvency Partnership insolvency International restructuring and insolvency Daily and weekly news alerts New content New Q&As Corporate insolvency process Contested debt and shift from members’ voluntary liquidation to creditors’ voluntary liquidation (Noal SCSp v Novalpina Capital LLP (in members voluntary liquidation)) This ruling makes clear that where a company in members’ voluntary liquidation (MVL) cannot satisfy all liabilities in full, together with interest at the official rate, within the timeframe specified in the directors’ declaration under section 89 of the Insolvency Act 1986 (IA 1986), it must move into creditors’ voluntary liquidation (CVL). There is no solvency assessment available to alter that timeframe. As the entity is already in liquidation, the liquidator lacks any discretion and is required, by IA 1986, s 95, to effect the conversion from MVL to CVL....

Yunneng Wind Power Co. Limited successfully sought a Part 26A restructuring plan (RP), with the convening hearing in July 2023 and the sanction hearing in August 2023. The key points are set out below. Capitalised terms not defined here take the meanings assigned in the convening and sanction judgments. This Deal Debrief forms part of the Restructuring plans collection. For a fuller review of core metrics from RPs lodged in 2023, alongside commentary from leading figures in the restructuring sphere, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Yunneng Wind Power Co....

Deal Debrief The Great Annual Savings Company Ltd sought approval for a Part 26A restructuring plan (RP), reaching a convening hearing in February 2023 and progressing to a sanction hearing in April 2023. Sanction was declined owing to significant objections from HMRC and other creditor groups. Core terms for this SME RP are set out below (all capitalised expressions not otherwise explained take the meanings given in the convening and sanction judgments). This Deal Debrief sits within our Restructuring plans collection. For a detailed review of metrics from RPs filed in 2023 and insights from restructuring practitioners, consult Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]...

Dobbies Garden Centres Limited sought a Part 26A restructuring plan at a convening hearing in October 2024 and a sanction hearing in December 2024 before the Scottish Outer House, Court of Session. The key headline points are set out below (capitalised terms not defined here have the meanings given in the sanction judgment). This Deal Debrief forms part of our Restructuring plans collection. For an in‑depth analysis of key metrics from RPs filed in England & Wales in 2023, together with commentary from leading figures in the restructuring sphere, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Dobbies Garden Centres Limited (the Company) Industry sector Garden centres Place of debtor’s incorporation and jurisdictional factors The Company was incorporated in Scotland and its centre of main interests (COMI) was in Scotland. Legal counsel involved The Company: Almira Delibegovic-Broome KC and Elisabeth Roxburgh (instructed by Burness Paull LLP and Macfarlanes LLP) Timeline...

The Practice Statement for schemes and RPs 2025 From 1 January 2026, the Practice Statement for schemes and RPs 2025 sets out the procedure for Part 26 schemes of arrangement (schemes; see Practice Note: Schemes of arrangement—process and statutory framework) and for Part 26A restructuring plans (see Practice Note: Part 26A restructuring plans—process) between a company and its creditors and/or members (see: LNB News 19/09/2025 33 and Practice Note: The Practice Statement for Part 26 schemes and Part 26A restructuring plans (2025)). It captures all matters where an application for a meetings order is to be determined at a convening hearing listed on or after 1 January 2026; i.e. every application for a convening hearing fixed on or after 1 Jan 2026. Where a scheme is already underway and its convening hearing occurred before 1 January 2026, it appears the 2020 Practice Statement will continue to apply...

Under the Capital Funding Guide issued by Homes England, where a development lies within a designated protected area (DPA) and benefits from grant, the registered provider (RP) granting a shared ownership lease must include one of two provisions: limit staircasing to a maximum of 80%; or if staircasing beyond 80% is permitted, require the leaseholder to sell their share back to the landlord (or a nominee that is also an RP) at market value when they wish to sell. In certain cases, a local authority can seek a waiver of these conditions from Homes England where the supply of shared ownership homes is no longer constrained. Notwithstanding guidance suggesting one of the above clauses is mandatory for every shared ownership lease in a DPA, our understanding is that the applicable regulations do not impose this where the site has not received grant. For more detail, see: Practice Note: Entitlements under shared ownership leases Housing (Shared Ownership Leases)...