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Restructuring Plans – What commercial landlords need to know
Andrew Butler KC and Nora Wannagat explore the growing use of restructuring plans and what they mean for commercial landlords.
Drawing on recent cases including TG Jones, Poundland and Virgin Active, they discuss how restructuring plans work, the treatment of landlords within different creditor classes, the court’s approach to cross-class cram down, and the steps landlords can take when a tenant is facing financial distress.
They also consider the practical challenges for landlords when a tenant is in financial distress, including how to prepare for a restructuring plan and what recent cases reveal about the courts’ increasingly careful scrutiny of plans affecting landlords, their leases and rental income.
This podcast was recorded on 9 July 2026 and refers to the summary of reasons in the TG Jones case. Since then, the full judgment has been published, with neutral citation number [2026] EWHC 2079 (Ch).
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Case citations
Cases:
In the matter of TG Jones High Street Limited and TG Jones Retail Holdings Limited [2026] EWHC 1798 (Ch)
In the matter of Poundland Limited [2025] EWHC 2755 (Ch)
In the matter of Cine-UK Limited, Cineworld Cinemas Limited, Cineworld Cinema Properties Limited and Cineworld Estates Limited [2024] EWHC 2475 (Ch)
AGPS Bondco Plc [2024] EWCA Civ 24
In the matter of Virgin Active Holdings Limited, Virgin Active Limited and Virgin Active Health Clubs Limited [2021] EWHC 1246 (Ch)
Legislation:
- Companies Act 2006
- Companies Act 2006, Part 26A
- Companies Act 2006, s 901G
- Corporate Insolvency and Governance Act 2020
This content is provided free of charge for information purposes only. It does not constitute legal advice and should not be relied on as such. No responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by any member of Tanfield or by Tanfield as a whole.
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