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Re Waldorf Production UK plc – Lessons Learned from Waldorf’s Second Chance

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Insolvency Insider
June 05, 2026

Nicholas Dunstone, Mona Vaswani and Ollie Winters of Milbank report on the High Court’s contested sanction of Waldorf Production UK’s restructuring plan, highlighting the Court’s willingness to cram down HMRC, apply the “no worse off” test narrowly, reward genuine stakeholder negotiation and recognise commercial pragmatism where a heavily negotiated deal offers the best available outcome.