Jurisdiction(s):
United Kingdom

Part 26A restructuring plan sanction limits; Debt Respite moratorium scope; break costs on early repayment; undue influence in hybrid borrowings (England and Wales)—March 2024 banking and finance case update

Published on: 02 April 2024

Published by a LexisNexis Banking & Finance expert

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Banking & Finance—March 2024 case round-up

Re: Project Lietzenburger Straße Holdco S.À.R.L. [2024] All ER (D) 20 (Mar) — Restructuring plan—sanction. The Chancery Division considered whether a restructuring plan should be sanctioned. It determined that the scheme, in its present form, could not be approved because the court lacked the power to do so. Moreover, the court declined to sanction any amended iteration. To exercise, or purport to exercise, an inherent jurisdiction to alter the plan would have transformed a proposal the court had no power to sanction into one it did, which it refused. For further detail on the restructuring plan, see Practice Note: Part 26A restructuring plan deal debrief—Project Lietzenburger Strasse Holdco SÀRL.
Bluestone Mortgages Ltd v Stoute [2024] All ER (D) 46 (Mar) — Debt Respite Scheme—mental health crisis moratorium—mortgage arrears. The County Court granted the claimant mortgage lender’s application under regulation 19 of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020, SI 2020/1311, cancelling a mental health crisis moratorium that had been granted to the second defendant...

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