Subject: Insolvency & Restructuring
Autor: Daniel Hayek, Mark Meili
Paper: PD Newsletter
Reading time: 4 Min
In June 2020, the U.K. introduced the so-called Part 26A restructuring plan. This new type of restructuring plan has the potential to become highly relevant for the restructuring of international corporations. To the best of our knowledge, two Part 26A restructuring plans have been sanctioned by English courts so far. However, the extensive possibilities to restrict creditors' rights under such a restructuring plan may create challenges for its recognition in other jurisdictions. Further, as the U.K. is going to leave the EU at the end of 2020, Brexit may create additional problems for the recognition of a Part 26A restructuring plan in Switzerland and other European countries.