Speciality Steel UK Ltd, Re [2025] EWHC 587 (Ch) (13 February 2025)

Speciality Steel UK Ltd, Re [2025] EWHC 587 (Ch) (13 February 2025)

The adjournment was granted because the potential benefits of allowing time for a global settlement and clarifying the Plan outweighed the defined prejudice to Harsco, especially with measures to mitigate that prejudice (costs and validation order). The court emphasised fairness and the need for transparency in the process.

Citation
[2025] EWHC 587 (Ch)
Parties
Plan Company: Speciality Steel UK Limited; Major Creditors (greensill Creditors): Greensill Capital (UK) Ltd (in administration) and UBS Asset Management Switzerland AG; Creditor/objector: Harsco Metals Group Ltd
Jurisdiction
England and Wales
Judgment Date
13 February 2025
Procedural Posture
Insolvency Company Reconstruction Plan (companies Act 2006) / Application for Adjournment of Sanction Hearing
Outcome
Adjournment granted with directions
Legal Topics
Company Reconstruction Plan, Adjournment of Sanction Hearing, Creditors' Rights, Winding Up Petition, Validation Order
Insolvency Company Law Company Reconstruction Plan Adjournment of Sanction Hearing Creditors' Rights Winding Up Petition Validation Order

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 3 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Speciality Steel UK Limited

Plan Company

Greensill Capital (UK) Ltd (in administration) and UBS Asset Management Switzerland AG

Major Creditors (greensill Creditors)

Harsco Metals Group Ltd

Creditor/objector

Procedural Posture

Insolvency Company Reconstruction Plan (companies Act 2006) / Application for Adjournment of Sanction Hearing

Legal Issues

  1. 1 Whether to grant an adjournment of the sanction hearing for the proposed company reconstruction plan under the Companies Act 2006
  2. 2 How to balance the interests and prejudice of different creditor groups in the adjournment context

Ratio Decidendi

The adjournment was granted because the potential benefits of allowing time for a global settlement and clarifying the Plan outweighed the defined prejudice to Harsco, especially with measures to mitigate that prejudice (costs and validation order). The court emphasised fairness and the need for transparency in the process.

Court Disposition

Adjournment granted with directions

Orders

  • Plan Company to report to the court within seven days on the state of negotiations, especially with Greensill creditors.
  • A further hearing to be held on 27 February to determine if new meetings or revised explanatory statements are needed, and to assess the viability of the Plan.