Milbank Attorneys Author Tax Journal Article on HMRC's Status in Part 26A Restructuring Plans

Milbank LLP Tax partner Alan Rafferty, associate Jade Du Berry and Financial Restructuring associate Ollie Winters wrote the lead article in the June 5 print edition of Tax Journal, titled "HMRC's status in Part 26A restructuring plans: the High Court decision in Waldorf."

At the intersection of UK tax law, restructuring and insolvency law and administrative law, HMRC's posture towards Part 26A restructuring plans has been evolving at pace. The article examines the impact of the High Court's recent decision in Waldorf, in which Milbank acted for the steering committee of the bondholders and the bond trustee, and its implications for HMRC's status as a creditor in Part 26A restructuring plans. Part 26A of the Companies Act 2006 provides a mechanism for companies in financial difficulty to propose restructuring plans that may bind dissenting creditors, and the decision offers important guidance on the treatment of HMRC claims within that framework.

Tax Journal is the UK's leading publication for tax professionals, providing in-depth analysis and commentary on tax law and policy.

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