The IFT responds to Part 26A Practice Statement Consultation

The IFT submitted a response last week on the replacement Practice Statement covering Part 26A Restructuring Plans, which welcomed the provisions in the updated Practice Statement seeking to narrow issues before the court and manage timetabling issues.

Our response focused on the following key areas:

• The barriers of cost and time for smaller and mid-market businesses to make use of this important turnaround tool and the possibility of certain aspects of the new Practice Statement adding additional costs or time periods to the process
• Discussion of the extent to which these additional requirements apply for smaller, simpler cases and how case management approaches can be used to help manage costs and time pressures in these cases
• Possible amendments to the Practice Statement and/or creation of a separate Practice Statement for smaller, simpler cases, in addition to guidance, to allow for more streamlined documentation and processes

You can read the full response here.