A Holistic Approach to Fairness in CVAs?

Rachael Markham of Squire Patton Boggs examines the Scottish court’s rejection of HMRC’s unfair prejudice challenge to Petrofac’s CVA, holding that a CVA delivering a better outcome than insolvency and justified differential treatment between creditor classes was fair, while signalling a broader, more flexible “holistic” approach to fairness beyond strict horizontal and vertical comparator tests.

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