This episode features a discussion with Mandip Englund, III NextGen member and Partner and Head of the Restructuring and Insolvency Group at Travers Smith, and Professor Rebecca Parry of Nottingham Trent University. Together, they explore the development and growing use of restructuring plans in England and Wales, comparing them with other insolvency and restructuring tools such as schemes of arrangement, company voluntary arrangements (CVAs), and special administration regimes (SARs).

The conversation tackles some of the most complex issues surrounding restructuring plans, including what qualifies as a “compromise or arrangement”—with particular reference to interim plans and the treatment of out-of-the-money creditors. It also addresses the evidential burden placed on debtors to demonstrate that a plan satisfies both the “no worse off” test and fairness requirements, as well as how benefits preserved or generated by the plan affect the treatment of out-of-the-money creditors.

In addition, the episode examines potential debt restructuring options for Thames Water, dispels common misconceptions about SARs, and offers insights into how these regimes might be reformed to operate more effectively in future high-profile cases. The podcast is introduced by NextGen’s co-chair, […] of […], and moderated by Dr. Eugenio Vaccari of Royal Holloway, University of London. It was recorded in early July 2025, with information accurate at the time of recording.