The Reading List is a curation of recent UK insolvency-focused articles, plus some additional content. It is meant to complement our Monday emails that highlight recent insolvency filings/news. If you like what you read, consider forwarding it to spread the word. Not getting our emails regularly? Click here to subscribe!
  • Jai Mudhar, Howard Morris and Sakshi Rai of Morrison Foerster comment on the proposed restructuring plan of Smile Telecoms which went to the High Court for sanctioning on 10 March and marks the first case in which “out-of-the-money” creditors (and members) were expressly excluded from voting in Smile Telecoms’ Restructuring Plans Considered At Uk High Court Hearing: Questions Of Valuation And Exclusion Of Out-Of-The-Money Creditors. Editor's note: the plan was sanctioned earlier this week: Link to judgment.
  • Martin Griffiths, James Davison, Petra Billing and Anna Jeffrey of DLA Piper remind readers that the last of the protections afforded to businesses against aggressive debt recovery action measures have been lifted as of yesterday and summarise several of the issues landlords will now need to consider in relation to recovering protected rent debt in So what now for landlords and tenants following the lifting of restrictions.
  • Nicholas Cooper and Craig Montgomery of Freshfields report that another Part26A restructuring plan has been sanctioned, with ED&F Man's plan representing the first full-scale financial restructuring to utilise cross-class cram-down in respect of a financial creditor class and to amend articles of association, a scenario that represents the paradigm use case practitioners and commentators envisaged when Part 26A was introduced in 2020 in ED&F Man Restructuring Plan Sanctioned.
  • R3 and the IPA have both released their formal responses to the Insolvency Service's Future of Insolvency Regulation consultation. R3 noted that although a sizable proportion of R3 members (25%) are in favour of an independent single regulator, over 79% of its members lack confidence that the single regulator can and will be able to maintain its independence if it operated from within the Insolvency Service. The results of the IPA survey echoed this concern, with 76% of respondents strongly disagreeing or disagreeing with the statement that there would not be any conflict of interest between the single regulator and the Insolvency Service as oversight regulator. Read the full R3 response and IPA response.

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  • After a 30-year career at PwC, Russell Downs has launched Armada Advisers, a boutique advisory firm supporting stakeholders in the bankruptcy and restructuring market. Read more.
  • Tilney Smith & Williamson, the wealth management and professional services group which is set to re-brand to Evelyn Partners in the summer, has continued to invest in its Bristol office with a significant new appointment and a raft of promotions in its Restructuring & Recovery and Advisory Consulting teams. Nigel Fox has joined the firm as a director. He was previously a restructuring and insolvency partner at RSM. Current partner Claire Burden, who heads the firm’s advisory consulting team in Bristol, is now also taking on responsibility for the office’s restructuring & recovery team as part of a ‘turnaround-first’ approach aimed at helping more clients. The firm has also announced a number of senior promotions. Matt Kennison, who heads the firm's courtwork client services team – which specifically deals with the firm’s bankruptcy and compulsory liquidation appointments – has been promoted to director and Dave Bridge has been promoted to associate director. Read more.
  • Interpath Advisory has moved into new offices in Bristol. The 15-person restructuring team will now be in the heart of the city at 25 King Street Read more.

  • Teneo has acquired the restructuring business of KPMG in Bermuda, expanding the firm's global headcount to over 350 professionals. Read more.
  • More Caribbean news: Quantuma has announced that it is opening an office in the British Virgin Islands. The BVI team will work closely with the local professional community, providing a full advisory offering including restructuring and insolvency, cross-border asset recovery, investigations, and eDiscovery. Read more.

  • Laura Keegan has joined the banking and restructuring team of Newcastle-based law firm Muckle as a senior associate. Laura specialises in supporting lenders and borrowers in the banking sector, advising and supporting insolvency practitioners, directors and creditors on a wide range of insolvency matters. She is also looking to expand the insolvency litigation offering provided by the firm. Read more.

  • Chris Ferguson of RMT Accountants & Business Advisors has been appointed as the new chair of R3 North East for a two-year term. He takes over from Alexandra Withers of Manolete Partners, who has completed her term. Kelly Jordan of Muckle has moved into Chris’previous position of deputy chair. Read more.

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The Insolvency Insider Team

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