Waldorf Production UK PLC, In the Matter Of [2026] EWHC 1014 (Ch) (05 May 2026)

Waldorf Production UK PLC, In the Matter Of [2026] EWHC 1014 (Ch) (05 May 2026)

The Plan satisfies statutory requirements for sanction, including jurisdiction to cram down HMRC, 'no worse off' test, and fairness. HMRC is not worse off under the Plan compared to the relevant alternative, even considering the value of tax losses. The Plan Company engaged sufficiently with creditors, and the Plan's terms are fair and not an abuse of process. The court exercises its discretion to sanction the Plan and cram down HMRC.

Citation
[2026] EWHC 1014 (Ch)
Parties
Plan Company: Waldorf Production UK Plc; Supporting Creditors: Nordic Trustee AS (Bond Trustee) and SteerCo; Opposing Creditor: His Majesty's Revenue and Customs (HMRC)
Jurisdiction
England and Wales
Judgment Date
05 May 2026
Procedural Posture
Restructuring Plan Sanction (part 26 a Companies Act 2006) / Sanction Hearing
Outcome
Plan sanctioned; cross-class cram down exercised against HMRC.
Legal Topics
Restructuring Plan, Cross Class Cram Down, Energy Profits Levy, Tax Losses, Fairness, Abuse of Process
Insolvency Company Law Tax Law Restructuring Plan Cross Class Cram Down Energy Profits Levy Tax Losses Fairness +1 more

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Parties

Waldorf Production UK Plc

Plan Company

Nordic Trustee AS (Bond Trustee) and SteerCo

Supporting Creditors

His Majesty's Revenue and Customs (HMRC)

Opposing Creditor

Procedural Posture

Restructuring Plan Sanction (part 26 a Companies Act 2006) / Sanction Hearing

Legal Issues

  1. 1 Jurisdiction to cram down HMRC under s.901G CA 2006
  2. 2 Application of 'no worse off' test
  3. 3 Fairness of the Plan

Ratio Decidendi

The Plan satisfies statutory requirements for sanction, including jurisdiction to cram down HMRC, 'no worse off' test, and fairness. HMRC is not worse off under the Plan compared to the relevant alternative, even considering the value of tax losses. The Plan Company engaged sufficiently with creditors, and the Plan's terms are fair and not an abuse of process. The court exercises its discretion to sanction the Plan and cram down HMRC.

Court Disposition

Plan sanctioned; cross-class cram down exercised against HMRC.

Orders

  • Order sanctioning the restructuring plan under s.901F Companies Act 2006
  • Order extinguishing and releasing Plan Creditors' claims upon payment as per Agreed Compromise