On Aug. 11, 2020 a Credit Derivatives Determinations Committee for EMEA unanimously determined that the Chapter 15 filing by British retailer Matalan to enforce its English scheme triggered a Bankruptcy Credit Event under standard credit default swaps. This decision diverged from the Determination Committees only prior decision (involving Thomas Cook) on this point.  Understanding what types of restructurings or other transactions may be implemented without triggering a Bankruptcy Credit Event is important for investors buying or selling credit protection in respect of companies contemplating restructuring. Indeed investors in the company should be alert as well. While the Matalan and Thomas Cook decisions provide useful guidance, whether an English scheme or Chapter 15 will constitute a Bankruptcy Credit Event needs to be carefully considered on a case-by-case basis.