ARTICLE · 28 NOVEMBER 2024
McDermott's Parallel Restructuring Proceedings: UK Restructuring Plan Meets The Dutch WHOA
McDermott's March 2024 restructuring, utilizing UK Restructuring Plan and Dutch WHOA proceedings, set a precedent for cross-border debt resolution, addressing key issues on insolvency, creditor fairness, and jurisdiction.
United KingdomInsolvency/Bankruptcy/Re-Structuring
In March 2024, McDermott successfully completed a first-ever
restructuring implemented by combining the UK Restructuring Plan
under Part 26A of the Companies Act 2006 (CA) and
the Dutch WHOA (the acronym for the Wet Homologatie Onderhands
Akkoord). The McDermott restructuring builds upon the
previously successful use of parallel restructuring proceedings in
the Netherlands and the UK: the restructuring of the Vroon group
where the Dutch WHOA was used in parallel with the UK Scheme of
Arrangement, which we covered in the Q4 2023 Newswire at Vroon restructuring: A lesson in adapting to and
overcoming challenges.1
In this article, we discuss the key issues in McDermott, which
could be relevant for future restructurings involving parallel
proceedings.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
View source
