Restructuring Bonds: Legal Issues Under English Law

United Kingdom

This article was produced by Olswang LLP, which joined with CMS on 1 May 2017.

This article first appeared in the 2015 edition of The International Comparative Legal Guide to: Corporate Recovery & Insolvency; published by Global Legal Group Ltd, London.

With the volume of European bond and note issuances continuing to climb, a focus is returning to the issues that arise in restructuring such debt. A significant body of English case law developed following the economic downturn in the early 2000s and again following 2008, which is directly relevant in this context. There have been recent legal developments both within and outside the high yield debt arena, including in the increasingly complex area of cross-border insolvency.