Waldorf Production UK PLC, Re

Parties

Procedural Posture

Company Restructuring Plan Sanction Application / Post Sanction Judgment; Application for Leapfrog Certificate and Permission to Appeal

Legal Issues

1. 1 Whether a leapfrog certificate under section 12 Administration of Justice Act 1969 should be granted to permit appeal to the Supreme Court
2. 2 Whether permission to appeal to the Court of Appeal should be granted as an alternative
3. 3 Whether costs incurred post-judgment should be awarded

Ratio Decidendi

A leapfrog certificate is granted because the central legal issue—whether fairness for 'out of the money' creditors in a restructuring plan is assessed solely by reference to the relevant alternative or by a discretionary allocation of benefits—is a point of law of general public importance, binding on the judge by Court of Appeal authority, and only the Supreme Court can resolve it. The Plan Company’s alternative application for permission to appeal to the Court of Appeal is not granted, but an extension of time for filing an appellant’s notice is directed in case Supreme Court permission is refused.

Court Disposition

Leapfrog certificate granted; no conditional permission to appeal to Court of Appeal; no further costs order for post-judgment period.

Orders

• Leapfrog certificate under section 12 Administration of Justice Act 1969 granted to Plan Company.
• Extension of time for filing appellant’s notice at the appeal court until withdrawal of Supreme Court application or 14 days after refusal of permission by Appeal Panel.