Restructuring Plans · glossary
The court’s approval of a plan, given at the second hearing. It binds every creditor in the plan, those who voted no included. Sanction is the court’s choice: it checks that the rules were followed, the statement was adequate and the plan is fair. Explanatory Statement, paragraph 5.1 · Chapter 1 · see Cram down
Explained in Chapter 1, What a Restructuring Plan Is and Why a Company Uses One, of Restructuring Plans.
A restructuring plan lets a company in financial difficulty change its debts with its creditors’ votes. The creditors vote in groups called classes. The High Court in London then decides whether to approve the plan. That approval is called sanction, and it binds every creditor in the plan, even those who voted no. This workbook follows one plan from the first deal to the day it takes effect. You are a trainee in the restructuring team at Pellister Treddow LLP, a law firm in…Read Chapter 1, What a Restructuring Plan Is and Why a Company Uses One →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Restructuring Plans and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
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This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Restructuring Plans → · All terms A–Z →