The legislation has led to a number of significant changes, in particular a new restructuring process as Part 26A of the Companies Act 2006, which includes the “cross-class cram down”, which is not possible in a Scheme and allows the court to sanction the approval of a compromise or arrangement where dissenting classes of creditors or members are bound on certain conditions. Is this change likely to lead to more disputes?
In this session we will cover:
- A brief introduction to the new Restructuring Plan, cross-class cram down and the “relevant alternative;”
- Why the Restructuring Plan may lead to disputes;
- What sorts of claims may arise; and
- How the Court has approached the Restructuring Plan process and the cross-class cram down power in the cases so far.