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Surge in bankruptcy auctions hits Dutch plastic recycling sector

The Dutch plastic recycling sector is facing a sharp rise in bankruptcies, with auction house Troostwijk Auctions reporting a 150% increase in related auctions, compared to the previous year. This surge…

Verney-Carron, an arms manufacturer that was supposed to supply Ukraine with assault rifles and carbines, goes bankrupt in France

French firearms manufacturer Verney-Carron, owned by CYBERGUN, has declared bankruptcy due to a complete freeze of its finances, halting production and salary payments. The company carries a debt of €1…

Rethinking Offline Public Tenders in Insolvency - Are they obsolete?

Organizing auctions with the aim of selling at the highest price possible has remained a common practice since the beginning of time. While the methods of organizing auctions have changed according to…

Enzen Plans Get Green Light

On 25 March 2025, a UK court approved restructuring plans for Enzen Global Limited and Enzen Limited, addressing key legal and commercial issues. The judgment welcomed HMRC’s active participation and…

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Enzen Plans Get Green Light
On 25 March 2025, a UK court approved restructuring plans for Enzen Global Limited and Enzen Limited, addressing key legal and commercial issues. The judgment welcomed HMRC’s active participation and support - marking a significant strategic shift in its restructuring approach - and upheld deviations from the pari passu principle by allowing flat payments to unsecured creditors, as all were out of the money in an alternative scenario. 

The judge also endorsed shareholders retaining equity, as they had effectively become owners through a prior debt-for-equity swap and contributed new funding. Recognition in Spain was deemed reasonably likely. The case offers valuable precedent on creditor treatment, equity retention, and the flexibility of UK restructuring law, especially under Part 26A. It confirms that fairness can be maintained even with non-traditional value distribution methods, provided they are commercially justified and proportionate.

Read the full story at Freshfields
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