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Checklist of factors which may (and may not) fracture the class in a scheme of arrangement or restructuring plan

Checklist of factors which may (and may not) fracture the class in a scheme of arrangement or restructuring plan The below tables provide an overview of: (i) various factors that do not create separate classes (ie do not fracture the class) and (ii) various factors that have been considered to create separate classes (ie fracture the class) in Part 26 scheme and Part 26A restructuring plan cases. Judges have found that the caselaw relating to schemes is equally applicable to restructuring plans on many issues (see Re PizzaExpress (convening) and Re Virgin Atlantic), including class formation. However, the Court of Appeal in Adler confirms that cross-class cramdown (CCCD) in restructuring plans does require different considerations (though note that leave to appeal to the Supreme Court has been granted); see Practice Note: Cross-Class Cram Down under a Part 26A restructuring plan. As a word of caution, it is important to recognise that the class analysis is very fact-specific and it is possible that another judge, faced with a...

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Part 26A restructuring plan deal debrief—Chaptre Finance plc (second plan)

Part 26A restructuring plan deal debrief—Chaptre Finance plc (second plan) Chaptre Finance plc applied for a second Part 26A restructuring plan (RP) at a convening hearing in October 2024 and sanction hearing in November 2024. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). The Company launched and obtained a first RP in 2023 (see Practice Note: Part 26A restructuring plan deal debrief—Chaptre Finance plc (first plan)). This Deal Debrief forms part of our Restructuring plans toolkit. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023. Name of plan company Chaptre Finance plc (the Company) Industry sector Energy (the Company was incorporated for the purpose of financing the construction of a biomass power plant in Teesside which is designed to produce electricity by burning wood pellets and chips). Place of debtor’s incorporation...

Implementing a CPO—notice to treat and General Vesting Declaration

Implementing a CPO—notice to treat and General Vesting Declaration Context A compulsory purchase order (CPO) which has been confirmed becomes operative on the date on which the notice of its confirmation is first published, unless it is subject to special parliamentary procedure (see Practice Note: Compulsory purchase—special categories of land). The notice of confirmation must be issued within six weeks of the date of the CPO being confirmed, see Practice Note: Consideration and confirmation of a compulsory purchase order, including making objections, public inquiries, hearings and written representations. However, the confirmation of a CPO does not vest title in the land subject to the CPO in the acquiring authority, nor does it give the acquiring authority power to take possession of that land. The acquiring authority must implement the CPO by taking a positive step to exercise the powers conferred on it by the CPO. Acquiring authorities will need to have demonstrated reasonable attempts to acquire land by agreement in the shadow of a CPO, having ensured...

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Loan note instrument—private M&A—share purchase

Loan note instrument—private M&A—share purchase This Instrument is dated [insert date] 20[insert year] Parties 1 [Insert name of issuing company] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (Issuer) Background: The Issuer has resolved to create up to a maximum nominal amount of £[insert value] [insert rate]% [subordinated] redeemable loan notes to be constituted as set out in this document. It is agreed as follows: 1 Definitions and Interpretation 1.1 In this Instrument, unless the context otherwise requires the following expressions shall have the following meanings: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which clearing banks are open for non-automated commercial business in the City of London; Certificate • means the certificate in the form set out in Schedule 3; Conditions • means the conditions set out in Schedule 1 as amended from time to time in accordance with this document; Default Event • means any of the events specified in clause...

Spouses, civil partners and unmarried partners under Appendix FM: grant of entry clearance—information sheet

Spouses, civil partners and unmarried partners under Appendix FM: grant of entry clearance—information sheet You have now been granted entry clearance (a visa) until [insert date] as the partner of a person with [British citizenship OR settled status in the UK OR protection status in the UK OR pre-settled status under Appendix EU]. [Your dependant child[ren] has/have been granted entry clearance in line with you, and what is stated below in relation to you will also apply to them, including the need to access their eVisa account and update it where relevant. You will be able to manage this account for them.] This information sheet outlines some of the key conditions of your stay in the UK as well as your responsibilities to the Home Office. It is important that you understand these conditions. Please do not hesitate to contact us if you have any queries. Please note that while the information below is correct as at today’s date, UK immigration law is subject to regular...

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Can the name of a minor be changed by an unenrolled change of name deed or is it necessary to use the formal deed poll process?

Can the name of a minor be changed by an unenrolled change of name deed or is it necessary to use the formal deed poll process? Where the parents of a child do not agree on whether a child’s name should be changed, in the absence of a child arrangements order specifying with whom a child is to live, an application to change a child's surname should be made under section 8 of the Children Act 1989 (ChA 1989) for a specific issue order or a prohibited steps order. Pursuant to ChA 1989, s 1(1) the child's welfare is the paramount consideration in such applications. In ChA 1989, s 8 applications the welfare checklist at ChA 1989, s 1(3) is applicable. Where there is a child arrangements order regulating living arrangements in place, applications for change of surname should be made by way of a freestanding application for permission under ChA 1989, s 13(1)(a). For further information about applications to change a child’s name and the factors that the court...

How do you terminate a deed poll relating to a trust? Would all of the beneficiaries need to agree to this?

How do you terminate a deed poll relating to a trust? Would all of the beneficiaries need to agree to this? A deed poll is a deed made by and expressing the active intention of one party only, or made by two or more persons joining together in expressing a common active intention of them all. Settlements can be created by deed poll. However, it is more common for them to be created by a deed to which the intending settlor, the intended trustees of the settlement, and sometimes, some of the beneficiaries, are parties. For the purposes of this query, it is assumed that the terms of the deed poll involved the creation or variation of interests under a settlement and that some or all of the persons who

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Change of a child’s name in cases of serious sexual abuse (BC v A Local Authority)

Family analysis: A 15-year-old girl, who was subject to a care order, made an application to change her forename and surname because both had a strong negative association with her father, in circumstances where findings had been made that the father had raped and sexually assaulted her. The mother opposed the application, contending that the child could be known by the mother’s surname, which was not the same as that of the father. The local authority opposed the application on the basis that the child could use her preferred name without changing it legally. The local authority submitted that changing her name legally at this stage would not be in the child’s best interests, there was a real risk that the child’s relationship with her family would break down should she legally change her name and the child’s case was vastly different to the facts before the court in Re S (Change of Surname). The father played no part in the proceedings. Poonam Bhari, barrister at 3PB Chambers,...

Family weekly highlights—25 January 2024

This week's edition of Family weekly highlights includes analysis of the long awaited second edition of the Pension Advisory Group (PAG) report by members of the PAG, together with analysis of the Court of Appeal decision on the wide-ranging powers of the Family Court under the Matrimonial and Family Proceedings Act 1984 and analysis of the Family Court decision to strike out an application to vary the payment date in respect of a secured lump sum order. Long-term fostering as a plan for permanency is also considered, together with details of HM Courts and Tribunals Service (HMCTS) Family Public Law (FPL) service’s release note regarding adding an application in Form C1 when issuing an application in Form C110A.