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ARTICLE · 30 APRIL 2021

What Can Landlords Do About Restructuring Plans?

Gowling WLG
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Virgin Active has been in the news recently, as it has proposed restructuring plans which rely on the new legislation found in the Corporate Governance and Insolvency Act 2020.

United KingdomInsolvency/Bankruptcy/Re-Structuring
Clive Chalkley
Clive Chalkley
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Virgin Active has been in the news recently, as it has proposed restructuring plans which rely on the new legislation found in the Corporate Governance and Insolvency Act 2020.

In this insight, we will explain:

What is a restructuring plan?

Section 7 of and Schedule 9 to the Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduced a new Part 26A into the Companies Act 2006 entitled "Arrangements and reconstructions for companies in financial difficulty". Part 26A provides for a company to enter into a "restructuring plan" with the approval of its creditors or members.

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