Listrac Midco Ltd & Ors, Re [2023] EWHC 78 (Ch) (23 January 2023)
The court held that the proposed class composition for creditor meetings is appropriate, that B shareholders' rights are not affected by the Plans within the meaning of s.901C(3) CA 2006 as their rights have no economic value in the relevant alternative, and that all jurisdictional and procedural requirements for convening creditor meetings under Part 26A CA 2006 are satisfied.
- Citation
- [2023] EWHC 78 (Ch)
- Parties
- Applicant Company: Listrac Midco Limited; Applicant Company: Listrac Bidco Limited; Applicant Company: Lifeways Finance Limited; Applicant Company: Lifeways Community Care Limited; Applicant Company: Living Ambitions Limited; Applicant Company: Autism Care (UK) Limited; Applicant Company: Vitavia Property Management Limited; Objector/respondent: Mr Justin Tydeman
- Jurisdiction
- England and Wales
- Judgment Date
- 23 January 2023
- Procedural Posture
- Insolvency/restructuring Plan Convening Hearing / Application for Order to Convene Creditor Meetings Under S.901 C(1) Companies Act 2006
- Outcome
- Application granted
- Legal Topics
- Restructuring Plans, Class Composition, Jurisdiction Under Companies Act 2006 Part 26 a, Creditor and Member Rights, Notice Requirements, Landlord Claims in Restructuring, Employee Claims in Restructuring
Case Brief
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Parties
Listrac Midco Limited
Applicant Company
Listrac Bidco Limited
Applicant Company
Lifeways Finance Limited
Applicant Company
Lifeways Community Care Limited
Applicant Company
Living Ambitions Limited
Applicant Company
Autism Care (UK) Limited
Applicant Company
Vitavia Property Management Limited
Applicant Company
Mr Justin Tydeman
Objector/respondent
Procedural Posture
Insolvency/restructuring Plan Convening Hearing / Application for Order to Convene Creditor Meetings Under S.901 C(1) Companies Act 2006
Legal Issues
- 1 Whether the court should order meetings of creditors for proposed restructuring plans under Part 26A CA 2006
- 2 Whether the proposed class composition for creditor meetings is appropriate
- 3 Whether B shareholders are entitled to a meeting as members under s.901C(3) CA 2006
Ratio Decidendi
The court held that the proposed class composition for creditor meetings is appropriate, that B shareholders' rights are not affected by the Plans within the meaning of s.901C(3) CA 2006 as their rights have no economic value in the relevant alternative, and that all jurisdictional and procedural requirements for convening creditor meetings under Part 26A CA 2006 are satisfied.
Court Disposition
Application granted
Orders
- Meetings of creditors of each Plan company to be convened as proposed under s.901C(1) Companies Act 2006
- Arrangements for notice and conduct of meetings approved
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