The LMA: 25 years in the loan market – Ian Johnson and Edward Couzens examine the restructuring and insolvency regime in England & Wales
1 min read
The Loan Market Association, in honour of its 25th anniversary, has prepared a book titled "The LMA: 25 Years in the Loan Market" which looks back on the last two and a half decades of the syndicated loan market, analysing its evolution over that time period.
Ian Johnson, Head of our Restructuring and Insolvency practice, and Edward Couzens, an associate in our R&I team, contributed a chapter in which they examine the regime in England and Wales and how it has adapted to changing market conditions to provide one of the most attractive jurisdictions in which to implement a restructuring. The chapter focuses on:
use of the scheme of arrangement to address financial distress;
the innovation of the pre-packaged administration regime and the new restructuring plan procedure to impose a restructuring on an entire class of stakeholders;
the increasing focus on compromising certain non-financial creditors; and
the innovations and challenges that may lie ahead as the restructuring landscape continues to change, not least in response to the Covid-19 pandemic.
