Great Annual Savings Company Ltd, Re [2023] EWHC 1026 (Ch) (17 February 2023)

Great Annual Savings Company Ltd, Re [2023] EWHC 1026 (Ch) (17 February 2023)

The company has taken all reasonable steps to notify creditors, the plan as revised provides sufficient give and take to constitute a compromise or arrangement, and the class composition for creditor meetings is appropriate. The jurisdictional threshold conditions for convening meetings under s.901A Companies Act 2006 are satisfied.

Citation
[2023] EWHC 1026 (Ch)
Parties
Company: Great Annual Savings Company Limited
Jurisdiction
England and Wales
Judgment Date
17 February 2023
Procedural Posture
Restructuring Plan Under Companies Act 2006 / Convening Hearing for Class Meetings
Outcome
Order granted to convene class meetings for 15 creditor classes.
Legal Topics
Restructuring Plan, Class Meetings, Creditor Notification, Compromise or Arrangement, Jurisdictional Requirements
Insolvency Company Law Restructuring Plan Class Meetings Creditor Notification Compromise or Arrangement Jurisdictional Requirements

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 3 Authorities cited 7 Party arguments 2 Amounts and remedies 7
Sign in to unlock

Parties

Great Annual Savings Company Limited

Company

Procedural Posture

Restructuring Plan Under Companies Act 2006 / Convening Hearing for Class Meetings

Legal Issues

  1. 1 Whether the company has taken all reasonable steps to notify plan creditors
  2. 2 Whether the proposed plan constitutes a compromise or arrangement under s.901A Companies Act 2006
  3. 3 Whether class composition for creditor meetings is appropriate

Ratio Decidendi

The company has taken all reasonable steps to notify creditors, the plan as revised provides sufficient give and take to constitute a compromise or arrangement, and the class composition for creditor meetings is appropriate. The jurisdictional threshold conditions for convening meetings under s.901A Companies Act 2006 are satisfied.

Court Disposition

Order granted to convene class meetings for 15 creditor classes.

Orders

  • Class meetings to be held on 13 and 14 March 2023 for 15 creditor classes.
  • Notice to be given to creditors by email and post as set out in the draft order.