On 15 August 2022, Deputy Master Arkush handed down judgment in the case of Oceanfill Limited v Nuffield Health Wellbeing Limited and Cannons Group Limited [2022] EWHC 2178.

The case, which arises out of Virgin Active Limited’s restructuring plan under Part 26A of the Companies Act 2006, is relevant to real estate investors and their lenders. Part 26A was one of the measures introduced under the Corporate Insolvency and Governance Act 2020 to facilitate the rehabilitation of businesses affected by the COVID-19 pandemic.

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Photo of John Houghton John Houghton

John Houghton, Chair of the London Restructuring & Bankruptcy Practice, advises creditors, sponsors, insolvent companies, directors and insolvency practitioners on virtually all areas of international restructurings, insolvency, and corporate rescues. He has a substantial experience of restructuring via schemes of arrangement and the…

John Houghton, Chair of the London Restructuring & Bankruptcy Practice, advises creditors, sponsors, insolvent companies, directors and insolvency practitioners on virtually all areas of international restructurings, insolvency, and corporate rescues. He has a substantial experience of restructuring via schemes of arrangement and the new restructuring process.

According to the Chambers UK 2020 Guide, John “is highly competent and skilled, and is able to guide a management team and develop options for them to consider.” He also advises parties seeking to fund into existing insolvencies and restructurings as well as parties who are interested in acquiring distressed businesses. The Chambers UK 2019 Guide refers to him as having a “widely respected practice,” and the 2018 Guide highlights John as “well plugged in to the market and well regarded.” The 2017 Guide recognizes him as “a very good operator” and “a popular choice for restructuring and insolvency mandates,” while the 2016 Guide lauds him as “one of the most innovative restructuring lawyers in the market,” who “constantly thinks outside of t

Photo of Mohammed Khamisa QC Mohammed Khamisa QC

Mohammed Khamisa QC focuses his practice on commercial litigation, concentrating on complex multi-jurisdictional cases which often involve fraud, particularly within the banking and financial services sectors. Mohammed was made Queen’s Counsel in 2006. Regularly travelling to the Middle East, Mohammed advises clients from…

Mohammed Khamisa QC focuses his practice on commercial litigation, concentrating on complex multi-jurisdictional cases which often involve fraud, particularly within the banking and financial services sectors. Mohammed was made Queen’s Counsel in 2006. Regularly travelling to the Middle East, Mohammed advises clients from the United Kingdom, United Arab Emirates, Saudi Arabia, India, Pakistan, and other regions on a wide range of matters. His range of experience across jurisdictions means that he is frequently retained to manage and advise on legal issues of the most sensitive nature. His deep understanding of the Middle East is complemented by a broad network in the region.

With 35 years of experience at the Bar and recently at an International Law firm, encapsulating many aspects of Commercial Fraud (including white collar-prosecution and defence), formerly Leading Counsel on the panel of the Serious Fraud Office (SFO) and other financial regulatory compliance,  Mohammed frequently leads and manages teams of lawyers, accountants, forensic experts, and other professionals as part of an investigatory team. His background and knowledge adds to the overlap between commercial litigation and regulatory investigations.
Mohammed formerly served as Standing Counsel for the British Government’s Department of Trade and Industry, where he gained deep experience on matters which often overlap into civil and criminal investigations, such as company and insolvency law, directors’ duties, directors’ disqualification, and personal insolvency. He also served as Chairman of the Code Compliance Panel (CCP), which is responsible for the Phone Standards Authority’s (PSA) adjudicatory function, regulating premium rate phone paid services in the United Kingdom.

He sits as a Recorder of the Crown Court and County Court and is a Panel Deemster of the High Court of the Isle of Man. He also Chairs the Bar Standards Summary Disciplinary Panel.

Danielle L. Martin

Danielle L. Martin is co-chair of the firm’s London Real Estate Group. She has broad experience dealing with complex real estate transactions. She undertakes a wide variety of commercial real estate transactions for a broad spectrum of clients, including corporate end-users, private equity…

Danielle L. Martin is co-chair of the firm’s London Real Estate Group. She has broad experience dealing with complex real estate transactions. She undertakes a wide variety of commercial real estate transactions for a broad spectrum of clients, including corporate end-users, private equity investors, joint ventures and developers. She deals with all mainstream aspects of commercial real estate work, with a particular emphasis on the private equity real estate sector, portfolio sales/restructuring and investment sales and purchases. Dani has also spent time working in-house with two large corporate clients.

Photo of Partha S. Pal Partha S. Pal

Partha S. Pal focuses his practice on the financing of commercial real estate assets. Partha has led the execution of transactions involving real estate assets in the UK, Germany, France, Italy, Belgium, the Netherlands, Spain, Portugal, Sweden and Finland, as well as in…

Partha S. Pal focuses his practice on the financing of commercial real estate assets. Partha has led the execution of transactions involving real estate assets in the UK, Germany, France, Italy, Belgium, the Netherlands, Spain, Portugal, Sweden and Finland, as well as in South Korea, PRC, and Hong Kong.

Partha’s experience covers the whole spectrum of commercial real estate lending arrangements, acting for both bank and non-bank lenders as well as for borrowers. He has experience of all major commercial real estate asset types including assets which involve active operation such as student accommodation, common work spaces, petrol stations, data centres and private rented sector/build to rent assets. In addition, he has deep experience of loan-on-loan financing and loan repo arrangements as well as sophisticated capital markets products relating to commercial real estate, particularly commercial mortgage backed securities and real estate related non-performing loan securitisations. He also advises regularly on regulatory matters relating to investments in securitised products, particularly in relation to risk-retention considerations.
Given his long experience of the securitisation and structured finance markets, Partha has and continues to advise on structured financing transactions involving other asset classes such as residential mortgage loans, commercial loans, consumer loans, trade receivables, equipment lease receivables, and credit card receivables.

Partha joined Greenberg Traurig, LLP in November 2018 from another leading U.S. law firm’s London office.