Enzen Global Ltd & Anor, Re [2025] EWHC 684 (Ch) (26 February 2025)

Enzen Global Ltd & Anor, Re [2025] EWHC 684 (Ch) (26 February 2025)

The court is satisfied that the proposed class constitution for creditor meetings is appropriate, that jurisdictional and notice requirements are met, and that there are no obvious roadblocks or international recognition issues preventing the convening of meetings. The restructuring plans may proceed to creditor meetings as proposed.

Citation
[2025] EWHC 684 (Ch)
Parties
Applicant / Plan Company: Enzen Global Limited; Applicant / Plan Company: Enzen Limited; Respondent / Secured Creditors: Secured Creditors (BlackRock, Stellex, others); Respondent / Creditor: His Majesty's Revenue and Customs (HMRC); Respondent / Landlord: Parent Landlord
Jurisdiction
England and Wales
Judgment Date
26 February 2025
Procedural Posture
Restructuring Plan (part 26 a Companies Act 2006) / Convening Hearing for Creditor Meetings
Outcome
Application granted
Legal Topics
Restructuring Plans, Class Constitution, Jurisdictional Conditions, Cross Border Recognition, Creditor Meetings, Debt for Equity Swap, Secured and Unsecured Creditors, Preferential Creditors, Critical Trade Creditors
Insolvency Company Law Restructuring Restructuring Plans Class Constitution Jurisdictional Conditions Cross Border Recognition Creditor Meetings +4 more

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Parties

Enzen Global Limited

Applicant / Plan Company

Enzen Limited

Applicant / Plan Company

Secured Creditors (BlackRock, Stellex, others)

Respondent / Secured Creditors

His Majesty's Revenue and Customs (HMRC)

Respondent / Creditor

Parent Landlord

Respondent / Landlord

Procedural Posture

Restructuring Plan (part 26 a Companies Act 2006) / Convening Hearing for Creditor Meetings

Legal Issues

  1. 1 Whether the court should convene meetings of creditors for proposed restructuring plans under Part 26A Companies Act 2006 for Enzen Global Limited and Enzen Limited
  2. 2 Whether the proposed class constitution for creditor meetings is appropriate
  3. 3 Whether jurisdictional and notice requirements are satisfied

Ratio Decidendi

The court is satisfied that the proposed class constitution for creditor meetings is appropriate, that jurisdictional and notice requirements are met, and that there are no obvious roadblocks or international recognition issues preventing the convening of meetings. The restructuring plans may proceed to creditor meetings as proposed.

Court Disposition

Application granted

Orders

  • Meetings of creditors of Enzen Global Limited and Enzen Limited to be convened in the proposed classes to consider the restructuring plans.
  • Directions for HMRC and other creditors to file notice of opposition by 5 March, evidence by 12 March, and for Plan Companies to reply by 19 March; skeleton arguments by 21 March.