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UK Proposed Corporate Restructuring

UK's Proposed Corporate Restructuring Regime Follows European-Style Chapter 11 and Debtor-in-Possession Trend

March 07, 2019 Jones Day Publications

The UK Government has announced proposals to introduce a new UK restructuring plan and moratorium, together with certain other changes to the corporate governance regime relevant to companies in distress. In addition, insolvency termination clauses will in certain circumstances no longer be enforceable in the event that one party to a contract enters into an insolvency proceeding.

When implemented, the proposals could have a significant impact on the UK restructuring landscape and are likely to be of crucial importance to all stakeholders. The proposed changes reflect the general European trend in favour of debtor-led restructuring proceedings, and they mark a notable shift in the United Kingdom away from creditor-led processes that have historically dominated the UK restructuring market.

This Jones Day White Paper reviews the proposals and explains the possible next steps towards implementation.

Insights by Jones Day should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request permission to reprint or reuse any of our Insights, please use our “Contact Us” form, which can be found on our website at www.jonesday.com. This Insight is not intended to create, and neither publication nor receipt of it constitutes, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.
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