To modernise the restructuring toolkit available to special administrators, the UK government has introduced changes to the English special administration regime (SAR)1 for distressed water companies. The changes follow reports of significant stress in the water services sector.

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Tags: GT Insight, restructuring, SAR, UK
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Photo of John Houghton John Houghton

John Houghton, Co-Vice Chair of the firm’s Global Restructuring & Bankruptcy Practice and 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…

John Houghton, Co-Vice Chair of the firm’s Global Restructuring & Bankruptcy Practice and 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.

John is ranked in the Chambers UK 2024 guide for Restructuring & Insolvency. According to sources, “John is a fantastic commercial lawyer, he is thoughtful and creative,” and “he leads the team with top-class knowledge and experience.” Other commentators note that “he is excellent at explaining complex topics in simple English, and giving a clear and concise recommendation.” John is also recognised in the Restructuring & Insolvency Hall of Fame by The Legal 500 UK 2024, where he is described as “a calm lateral thinker with very good experience of complex restructuring and insolvency assignments.” Other sources note that “John is experienced, has great contacts and is a great problem solver.” In the 2023 edition, John was described as “highly commercial and proactive in getting transactions completed. He has a brilliant can-do attitude and has demonstrated great innovation in getting deals across the line.”

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Photo of Rupert Cheetham Rupert Cheetham

Rupert Cheetham has a broad practice involving restructuring, insolvency and general finance transactions. Rupert advises on fully consensual work-out refinancing transactions, restructuring procedures such as UK schemes of arrangement, restructuring plans and company voluntary arrangements (CVAs), and formal insolvency proceedings. Rupert acts for…

Rupert Cheetham has a broad practice involving restructuring, insolvency and general finance transactions. Rupert advises on fully consensual work-out refinancing transactions, restructuring procedures such as UK schemes of arrangement, restructuring plans and company voluntary arrangements (CVAs), and formal insolvency proceedings. Rupert acts for banks, funds and other financial institutions, as well as sponsors, corporates, directors and insolvency practitioners.

Rupert is recognised for Restructuring & Insolvency in the 2024 edition of The Legal 500 UK, where he is described as “very experienced and solutions-oriented” and lauded for being “a good leader to the team.”

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