International Corporate Rescue
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Vol 21 (2024) - Issue 1
Article preview
Restructuring Plans in England and Wales, and Restructuring Mechanisms in Poland
Tom Pringle, Partner, Karolina Lewandowska, Associate, Emily Rust, Senior Associate, Jack Qualtrough, Trainee Solicitor, Yasmin Gidda, Trainee Solicitor, and Madalina Novac, Legal Apprentice, Gowling WLG (UK) LLP, London, UK; and Piotr Grabarczyk, Partner, and Klaudia Frątczak-Kospin, Partner, WKB Wierciński, Kwieciński, Baehr, Warsaw, PolandSynopsis
Part 26A restructuring plans were introduced in 2020, bringing new mechanisms into English insolvency law, some of which have been available in Polish restructuring proceedings for a long time. Over the last three years, English law around the plans has developed rapidly, building on existing case law governing well-established schemes of arrangements. We have since seen use of the new cross-class cram down mechanism, as well as creditors excluded from voting entirely for lack of a genuine economic interest. In this article we look at the main points arising out of the restructuring plans approved and refused to date, and outline various restructuring tools available in Poland sharing similar characteristics, which can be used to implement an arrangement with creditors.
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