High Court sanctions Waldorf’s (second) highly contested restructuring plan

Caroline Platt, Rachel Seeley, Emma Gateaud and Katharina Crinson of Freshfields share that the High Court’s sanction of Waldorf Production’s second restructuring plan confirms there is no jurisdictional barrier to cramming down HMRC tax liabilities under Part 26A, reinforces the narrow scope of the “no worse off” test established in Petrofac, and signals that preserved tax losses and creditor engagement conduct may still play a significant role in the court’s broader fairness analysis.

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