Beyond the Ringfence: Restructuring Plans, Tax Losses and the Limits of HMRC’s Challenge

Jessica Ling, Jenny Doak, Maria Staiano-Kolaitis and Helena Potts of Paul Hastings examine the High Court’s sanction of Waldorf’s second restructuring plan, a significant Part 26A decision confirming that HMRC can be crammed down, that the “no worse off” test is confined to rights compromised by the plan, and that tax losses may still be relevant to the court’s fairness analysis where they are central to the restructuring deal.

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