On 26 March 2021, Mr Justice Zacaroli of the English High Court sanctioned a restructuring plan (the Plan) proposed by gategroup Guarantee Limited (Gategroup), following approval at two creditors' meetings convened pursuant to a judgment handed down by Mr Justice Zacaroli on 17 February 2021.
This latter judgment contained a detailed consideration of significant (albeit subsequently withdrawn) written objections from creditors on a number of grounds, and has provided unprecedented (and in some ways, surprising) insight into how the English courts are likely to approach a number of issues relating to the relatively new restructuring plan and where there may be divergence from the similar and much older scheme of arrangement.
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