We are delighted to publish our latest European Restructuring and Distressed Trends review, in which we look back on recent developments in the European restructuring market, and consider what lies ahead in 2021.
Highlights include the introduction of the Corporate Insolvency and Governance Act 2020 in July last year, and new Dutch and German restructuring tools which came into force on 1 January of this year.
2021 promises to be the year when these new procedures will be put to the test. Just a few hours ago, DeepOcean’s Part 26A restructuring plan was sanctioned by Mr Justice Trower in the English High Court – a significant development, as this is the first time that the cross-class cramdown provisions have been used.
We don’t expect to wait long before these provisions are used again, and we are sure that Dutch and German scheme precedents will materialise soon. We look forward to working with our clients as they navigate the rapidly evolving European restructuring landscape. An interesting year lies ahead.
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We expect that in 2021 forum shopping will be a key theme, with companies having more options for completing their restructuring and being able to choose between the Netherlands, Germany, other EU jurisdictions and England and Wales.