Sarria · Legal analysis
How UK and European restructuring and insolvency law shapes outcomes for bondholders and lenders, written by Stephen Phillips, Sarria’s Senior Advisor on restructuring and legal matters.
Credit marketsLatest · 23 Jun 2026 · 15 min read
The restructuring market is somewhat becalmed. Is this quiet a signal that trouble is brewing? In the European credit markets of mid-2026, there are reasons to believe the answer is yes — even if headline default rates remain subdued.
By Stephen Phillips, Senior Advisor — Restructuring & Legal
Read the article →Restructuring plans17 Oct 2025 · 3 min read
The Chancellor of the High Court, the Rt. Hon. Sir Julian Flaux, has published an updated Practice Statement in respect of Schemes of Arrangement and Restructuring Plans under the Companies Act 2006.
Read →Employment & insolvency28 Mar 2025 · 2 min read
The Transfer of Undertakings (Protection of Employment) Regulations (TUPE) is designed to safeguard employees during business transfers. Employee contracts are not terminated when a TUPE transfer occurs.
Read →Security enforcement2 Dec 2022 · 10 min read
In leveraged finance structures (and often in other commercial lending situations) it is common for a lender to take share charges over the shares of a group.
Read →Bonds & consent7 Nov 2022 · 20 min read
On both sides of the Atlantic we are seeing a rise in stress of companies which have issued bonds to finance their corporate activities.
Read →Insolvency28 Mar 2022 · 2 min read
The UK government has been looking to normalise the UK economy post the covid pandemic and it has brought to an end many of the number of temporary business relief measures.
Read →Restructuring plans23 Dec 2021 · 20 min read
We face a rather uncertain end to the year. Just as we thought COVID was going to fade into the background of the long list of winter respiratory illnesses a new variant of concern arrives to blow up our assumptions – to paraphrase Al Pacino in the Godfather ‘Just when we thought we were out they pull us back in’.
Read →Cross-border20 Apr 2021 · 6 min read
In anticipation of the end of the transition period of the EU / UK Withdrawal Agreement which was scheduled to (and did) take place at the end of 2020, the UK deposited an application to accede to the Lugano Convention (‘Lugano’).
Read →Cross-border22 Jan 2021 · 8 min read
Judicial cooperation amongst EU Members States relating to the opening and conduct of insolvency proceedings has been greatly assisted by European Insolvency Regulation 2003 (EIR) which was replaced and enhanced by the Recast Insolvency Regulation 2015 (RIR).
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