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Restructuring and Insolvency update: Cine-UK Restructuring Plan binds landlords; third-party litigation funding principles; personal insolvency jurisdiction; Employment Rights Bill reforms; enforcement data and key dates (17 October 2024)

Published on: 17 October 2024

Published by a LexisNexis Restructuring & Insolvency expert
Legal News
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Article summary

In this issue:

  • Key R&I
  • Restructuring
  • Insolvency
  • Litigation
  • Personal insolvency
  • Employees and insolvency
  • Daily and weekly news alerts
  • Key dates for restructuring and insolvency professionals
  • New Q&As

Key R&I

Insolvency Service publishes September 2024 enforcement outcomes management information

The Insolvency Service has refreshed and updated its enforcement outcomes management information tables with figures and statistics for September 2024. The dataset indicates a total of 82 director disqualifications, together with eight bankruptcy and debt relief restrictions. See: LNB News 11/10/2024 25.

Restructuring

Restructuring Plan binds landlords despite prior express agreement to the contrary (UK Commercial Property Finance Holdings Ltd v Cine-UK Ltd)

Four interlinked restructuring plans were sanctioned despite approval by only two creditor classes out of thirty-one in total. Two landlord creditors (the Objecting Creditors) had earlier renegotiated existing and continuing liabilities owed by the Plan Companies, expressly on the footing that those revised liabilities would not be further compromised if the Plan Companies later sought restructuring plans. The Objecting Creditors neither attended nor were represented at the convening hearing, but subsequently issued applications for injunctions, which were dealt with at the sanction hearing, where they were represented. The plans were approved...

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