Seven Energy International Ltd [2019] EWHC 3391 (Ch) (13 November 2019)

Seven Energy International Ltd [2019] EWHC 3391 (Ch) (13 November 2019)

The statutory requirements for an administration order are satisfied. There is a real prospect that the proposed restructuring can be implemented despite potential obstacles under Mauritian law and the securityholders' agreement. The court exercises its discretion to make the administration order.

Citation
[2019] EWHC 3391 (Ch)
Parties
Claimant: Seven Energy International Limited
Jurisdiction
England and Wales
Judgment Date
13 November 2019
Procedural Posture
Administration Application / First Instance Judgment
Outcome
Administration order granted
Legal Topics
Administration Order, Cross Border Insolvency, Shareholder Rights, Restructuring
Insolvency Company Law Administration Order Cross Border Insolvency Shareholder Rights Restructuring

Case Brief

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Parties

Seven Energy International Limited

Claimant

Procedural Posture

Administration Application / First Instance Judgment

Legal Issues

  1. 1 Whether the statutory requirements for an administration order under Schedule B1 to the Insolvency Act 1986 are satisfied
  2. 2 Whether section 130 of the Mauritian Companies Act 2001 prevents the proposed restructuring
  3. 3 Whether contractual restrictions in the securityholders' agreement prevent the restructuring

Ratio Decidendi

The statutory requirements for an administration order are satisfied. There is a real prospect that the proposed restructuring can be implemented despite potential obstacles under Mauritian law and the securityholders' agreement. The court exercises its discretion to make the administration order.

Court Disposition

Administration order granted

Orders

  • The company Seven Energy International Limited is placed into administration with effect from 12 noon on 13 November 2019.