In the Matter of Nasmyth Group Limited

In the Matter of Nasmyth Group Limited

The Court is satisfied that the statutory jurisdictional and threshold conditions for convening creditor meetings under Part 26A Companies Act 2006 are met, the proposed creditor classes are appropriate, and adequate notice has been given. Any objections regarding class composition, information, or fairness can be raised at the sanction hearing. The convening order will be made subject to amendments to the Explanatory Statement and provision for further creditor engagement.

Parties
Applicant/company: Nasmyth Group Limited; Creditor/respondent: HMRC; Creditor/objector: Mr Fyfe; Creditor/objector: Mr Smith
Jurisdiction
England and Wales
Judgment Date
14 February 2023
Procedural Posture
Insolvency/restructuring Plan Application / Convening Hearing for Creditor Meetings Under Part 26 a Companies Act 2006
Outcome
Order for convening of creditor meetings granted, subject to amendments and directions.
Legal Topics
Restructuring Plan, Class Composition, Jurisdictional Requirements, Threshold Conditions, Notice to Creditors, Sanction Hearing Procedure
Insolvency Law Company Law Restructuring Plan Class Composition Jurisdictional Requirements Threshold Conditions Notice to Creditors Sanction Hearing Procedure

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Parties

Nasmyth Group Limited

Applicant/company

HMRC

Creditor/respondent

Mr Fyfe

Creditor/objector

Mr Smith

Creditor/objector

Procedural Posture

Insolvency/restructuring Plan Application / Convening Hearing for Creditor Meetings Under Part 26 a Companies Act 2006

Legal Issues

  1. 1 Whether the Court should order the convening of creditor meetings to consider the proposed Restructuring Plan under Part 26A of the Companies Act 2006
  2. 2 Whether jurisdictional and statutory threshold conditions are met
  3. 3 Whether the proposed creditor classes are appropriate

Ratio Decidendi

The Court is satisfied that the statutory jurisdictional and threshold conditions for convening creditor meetings under Part 26A Companies Act 2006 are met, the proposed creditor classes are appropriate, and adequate notice has been given. Any objections regarding class composition, information, or fairness can be raised at the sanction hearing. The convening order will be made subject to amendments to the Explanatory Statement and provision for further creditor engagement.

Court Disposition

Order for convening of creditor meetings granted, subject to amendments and directions.

Orders

  • Company to amend Explanatory Statement to provide further detail on critical supply creditors and identify connected creditors.
  • Company to address creditor queries on financial information and management accounts before the sanction hearing.