Restructuring Plans: A 5 Year Re-Set

Mark Phillips KC of South Square Chambers considers how the Court of Appeal’s decision in Thames finally dispelled the binary “out of the money” myth, clarifying that the test on sanction is more nuanced and turns on whether what a creditor is getting is fair, having regard to what they put in and what they get out, as well as the risks they take and their position in the relevant alternative.

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