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Gategroup: implications for the recognition of English restructuring processes in the EU

In June 2020, the Corporate Insolvency and Governance Act (the “CIGA”) introduced a new procedure to the restructuring toolkit in England & Wales, the Part 26A restructuring plan (the “Plan”, see further detail on CIGA in our article here). The Plan is similar to the well-tested English law scheme of arrangement (the “Scheme”), and the English courts have so far relied on the wealth of Scheme case law to guide them in deciding whether to sanction a Plan. In the recent Gategroup judgment, however, Mr Justice Zacaroli has signalled a divergence of Scheme and Plan case law on the issue of whether a Plan is an insolvency proceeding, and this has significant implications for the recognition of Plan judgments in the various member states of the European Union (“EU”).

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Practices: Business Restructuring

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