International law firm Simmons & Simmons has supported Enzen Global Limited and Enzen Limited in securing approval from the High Court of England and Wales over their corporate restructuring plans.
Enzen utilised the Part 26A restructuring plan procedure - a legal mechanism in England & Wales which allows companies to compromise certain of their debts outside of an insolvency process.
Significantly, as well as being sanctioned by the High Court, in a precedent-setting move, the plans were supported by the UK tax authority, HMRC.
The decision is the first time HMRC has supported such a plan under this legal framework - indicating a potential shift in its approach to corporate financial restructurings, which could have significant future implications for the industry.
The Simmons team advising Enzen was led by Tina Lockwood, partner in the firm's Restructuring and Special Situations (RSS) team in London.
Tina Lockwood commented: "We're very pleased to have advised Enzen in successfully securing sanction from the High Court, alongside formal approval from HMRC - a welcome and far-reaching move that marks a potential shift in the industry."
