Overview

Non-UK companies are starting to use English restructuring procedures. In this article Travers Smith considers the recognised criteria for restructuring in England and the legal mechanisms available under European and other legislation.

English law provides a very flexible restructuring environment. As a result, it is often easier to deliver a restructuring solution in the UK than in many other jurisdictions. The three key procedures – administrations (including pre-packs), schemes, and CVAs each have different advantages which are considered below.

Importantly, whilst administrations and CVAs fall within UK insolvency law and the EC Insolvency Regulation, schemes fall within UK companies legislation (they can be used in solvent and insolvent scenarios) and do not fall within the EC Insolvency Regulation.

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