The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act.
The third of the new measures is Restructuring plan. This will support viable companies struggling with debt obligations to restructure under a new procedure. It allows courts to sanction a plan that binds creditors to a restructuring plan if it is fair and equitable and in the interests of the creditors. Creditors vote on the plan but the court can impose it on dissenting creditors (“cram Down”)