Jurisdiction(s):
United Kingdom

Re Argo Blockchain: convening order for Part 26A plan—distributional fairness post-Petrofac, foreign-law creditor status, potential blots (NASDAQ listing/US recognition) and Practice Statement timing

Published on: 23 January 2026

Published by a LexisNexis Restructuring & Insolvency expert

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Article summary

Re Argo Blockchain Plc [2025] EWHC 2951 (Ch)

What are the practical implications of this case?

Four practically significant points emerge. First, the court highlighted the contemporary approach to restructuring plans (post-Petrofac) at the convening stage. It is now settled that Plan companies must secure for participating creditors a fair allocation of any restructuring surplus, while also showing that creditors are no worse off than under the relevant alternative. To substantiate this, a dedicated Plan Benefits Report may become a routine feature; however, from a creditor standpoint, equivalent material set out in the Explanatory Statement (and, at a high level, the Practice Statement Letter) may well suffice. Second, the court’s handling of foreign law issues. A question arose as to whether noteholders possessed a right to definitise and thus qualified as creditors for the purposes of Part 26A. Resolving that issue depended upon construing the instruments by reference to New York law. The court drew comfort from the presumption of similarity and was content to rely upon a witness statement from a New York attorney, even though it did not amount to formal expert evidence. Accordingly, that analysis can, where appropriate, be marshalled within existing creditor communications, at a minimum...

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