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England and Wales decisions
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The High Court refused to keep Kession Capital Limited in administration and ordered compulsory winding up, finding no rational basis for continued administration.
Kession Capital Ltd, In the Matter Of [2026] EWHC 785 (Ch) (07 April 2026)
The court refused to let Kession Capital remain in administration and ordered compulsory winding up, finding no rational basis for continued administration.
The court sanctioned the restructuring plans for both companies, finding that the statutory conditions for cross-class cramdown were satisfied: no dissenting creditor would be worse off under the plans than in the relevant alternative (administration), and at least one in-the-money class approved the plans by the requisite majority. The allocation of restructuring surplus was fair, with no manifest unfairness or improper class manipulation. Objections from unsecured creditors did not justify withholding sanction, as their claims had nil value in the relevant alternative and the flat sum distr…
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OutsideClinic Ltd, In the Matter Of [2025] EWHC 875 (Ch) (11 April 2025)
The High Court sanctioned OutsideClinic Limited’s Part 26A restructuring plan, including cross-class cram-down of out-of-the-money creditor classes.
Enzen Global Ltd, Re [2025] EWHC 852 (Ch) (09 April 2025)
The High Court sanctioned inter-conditional Part 26A restructuring plans for Enzen Global Limited and Enzen Limited, approving cross-class cramdown over dissenting creditor classes.
Enzen Global Ltd & Anor, Re [2025] EWHC 684 (Ch) (26 February 2025)
The High Court convened creditor meetings for Enzen Global Limited and Enzen Limited restructuring plans under Part 26A, finding the proposed classes and notice adequate.
The plan was not sanctioned because it was unfair to HMRC, the principal preferential creditor, whose debts would be crammed down for a nominal sum without agreement on time to pay arrangements, and because the plan's effectiveness depended on a 'roadblock'—the failure to secure HMRC's agreement to new TTP arrangements for the Group. The directors' decision to proceed to administration if the plan was not sanctioned was accepted, but the court found the plan's treatment of HMRC and the lack of critical creditor status for HMRC to be decisive. The plan's fairness to other unsecured creditors w…
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Hobson & Anor v OAS Realisations (2022) Ltd [2024] EWHC 1491 (Ch) (17 June 2024)
The High Court held that preferential creditors count as unsecured creditors for paragraph 83 of Schedule B1, validating the notice moving the company into CVL.
The High Court refused to sanction a restructuring plan, finding the company had not shown HMRC would be no worse off and, in any event, the plan was unfair.
The High Court granted CargoLogicAir Limited an administration order, finding it cash-flow insolvent because sanctions and bank closure prevented it paying debts and trading.
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