In the matter of the Great Annual Savings Company Limited

In the matter of the Great Annual Savings Company Limited

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 meetings is appropriate. Statutory conditions for convening meetings are satisfied.

Parties
Company: Great Annual Savings Company Limited; Creditor: HMRC
Jurisdiction
England and Wales
Judgment Date
17 February 2023
Procedural Posture
Insolvency/restructuring / Directions Hearing for Convening Creditor Meetings
Outcome
Order granted
Legal Topics
Restructuring Plan, Class Meetings, Creditor Notification, Jurisdictional Requirements, Compromise or Arrangement
Insolvency Law Company Law Restructuring Plan Class Meetings Creditor Notification Jurisdictional Requirements Compromise or Arrangement

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Parties

Great Annual Savings Company Limited

Company

HMRC

Creditor

Procedural Posture

Insolvency/restructuring / Directions Hearing for Convening Creditor Meetings

Legal Issues

  1. 1 Whether the company has taken all reasonable steps to notify creditors of the proposed plan
  2. 2 Whether the proposed plan constitutes a compromise or arrangement within the meaning of the Companies Act 2006
  3. 3 Whether the 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 meetings is appropriate. Statutory conditions for convening meetings are satisfied.

Court Disposition

Order granted

Orders

  • Court directs the convening of 15 separate class meetings of creditors for consideration of the restructuring plan.
  • Court approves the form and manner of notification to creditors as sufficient.