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England and Wales decisions
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The High Court held that payments by A & D Joinery Limited to its former owner were transactions at an undervalue and a partial breach of duty.
SCIO-Fund SICAV-FIS & Anor v Merchant & Anor [2026] EWHC 815 (Ch) (16 April 2026)
The High Court revoked approval of an IVA after finding material irregularity from undisclosed standstill agreements and inadequate nominee scrutiny.
The High Court revoked approval of an IVA after finding undisclosed standstill agreements gave some creditors collateral advantages and caused material irregularity.
The Court of Appeal held that a dividend, not the wider sale arrangement, was the relevant s.238 transaction; the s.238(5) defence failed and the case was remitted.
The Court of Appeal held that the High Court erred in sanctioning the restructuring plan because it departed from the pari passu principle by preserving sequential payment dates for different series of notes, thereby imposing greater risk of non-payment on the 2029 Noteholders without justification. The court found that there was no good reason or proper basis for this differential treatment, and that the judge failed to consider whether a fairer plan could have been made. The court also held that overall support for the plan across all classes was not a relevant factor in exercising the cros…
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The High Court sanctioned Cineworld restructuring plans and refused injunctions sought by objecting landlords over side-letter protections in leases.
The High Court sanctioned AGPS BondCo PLC’s Part 26A restructuring plan, including cross-class cram down of dissenting 2029 noteholders, and upheld the issuer substitution under German law.
The plan is sanctioned because it meets statutory requirements for cross-class cram down, provides a better outcome for dissenting creditors than the relevant alternative (administration), and no unfairness in distribution of restructuring benefits is established. No creditor attended to object, and the court finds no jurisdictional or procedural defects.
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Strategic Value Capital Solutions Master Fund LP & Ors v AGPS BondCo PLC (Re AGPS BondCo PLC) [2024] EWCA Civ 24 (23 January 2024)
The Court of Appeal upheld sanction of AGPS Bondco’s Part 26A restructuring plan, rejecting challenges to cross-class cram down, pari passu treatment, and valuation.
Darty Holdings SAS v Carton-Kelly (As Additional Liquidator of Cgl Realisations Limited) [2023] EWCA Civ 1135 (09 October 2023)
The Court of Appeal held that Comet’s preference claim failed because the only operative decision to repay intra-group debt was made by the board on 3 February 2012.
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