In this month’s legal updates, Sophie Brookes, partner at Gateley, examines the ruling in Virgin Active Holdings dispute over restructuring plans, buyer's notice of warranty claim in MDW Holdings and post-Brexit changes to UK market abuse regime in Financial Services Act 2021
Restructuring plans were binding on dissenting creditors
Back in September 2020 Virgin Atlantic made history when it was the first company to enter into a compromise with its creditors using the new restructuring plan introduced in response to the financial effects of the Covid-19 pandemic. Now another Virgin company has made legal history in a case where a restructuring plan was used to compromise the rights of dissenting creditors where the company could show that those creditors were 'out of the money'.
Restructuring plans
A restructuring plan involves a compromise or arrangement between a company and its creditors or members or any class of those creditors or members.
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