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Articles by Patrick Schumann
Does an unregistrable foreign judgment need to be recognised in order to support bankruptcy proceedings? The UK Supreme Court says “no”.
Introduction In Valeriy Ernestovich Drelle v Servis-Terminal LLC [2026] UKSC 29, the Supreme Court has made clear that an unregistrable foreign judgment1 does not need to be recognised by the English court before it can form the basis of a bankruptcy petition. The same would appear to apply to a foreign judgment in the context of a petition to wind up a company.
English Court Orders Disclosure In Dispute Over Hurtigruten LME
The English High Court recently considered the approach to pre-action disclosure in the context of liability management exercises. In the ongoing dispute as to the validity of the Hurtigruten liability management transaction, the High Court ordered Kroll, in its capacity as security agent and trustee, to disclose a number of documents in the early stages of the litigation.
The use of English Law in international finance transactions | JD Supra
English law occupies a unique and influential position in global finance, sharing its status with New York law as one of the two dominant legal systems underpinning the international financial markets. According to the Law Society of England and Wales, English law now governs around 40% of all international business and financial transactions across a wide range of different industries and markets, including over-the-counter derivatives trades, metals trades, M&A, and insurance contracts.
Waldorf Production on the way to the Supreme Court | JD Supra
Waldorf Production UK Plc has been granted permission to ‘leapfrog’ the Court of Appeal and apply directly to the Supreme Court for permission to appeal the High Court’s refusal to sanction its restructuring plan. If the appeal is heard, it would be the first time that the Supreme Court rules on a Part 26A restructuring plan.
Petrofac Ruling Shifts Focus To Fairness In Restructurings
By Patrick Schumann, Jonathan Swil and Ben Gray ( August 18, 2025, 3:26 PM BST) -- On July 1, the U.K. Court of Appeal overturned the High Court's sanction of Petrofac Ltd.'s restructuring plans.[1]... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
To Benefit or Not to Benefit: That is the Question for Plan Companies Post-Petrofac | JD Supra
The Court of Appeal’s judgment in Petrofac provides a timely reminder that the primary purpose of the cross-class cram down power under Part 26A restructuring plans is to override the exercise of an unjustified veto by holdout creditors. It is not a tool to enable supporting creditors to appropriate to themselves an unfair share of the benefits of the restructuring. Treatment of out of the Money Creditors Pre-Petrofac Until recently, the trend had been going in the opposite direction.
Recognition of Part 26A Restructuring Plans in Germany | JD Supra
BACKGROUND German real estate company Adler recently made headlines by successfully implementing a €6bn restructuring by way of a UK Part 26A Restructuring Plan. The Plan involved the subordination of Adler’s existing notes to new money creditors and an asset disposal plan to repay its debts. The company obtained the English Court’s sanction for the Plan on 12 April 2023 notwithstanding vociferous opposition from certain of the company’s noteholders.
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