Lecta Paper UK Ltd, Re [2019] EWHC 3615 (Ch) (19 December 2019)

Lecta Paper UK Ltd, Re [2019] EWHC 3615 (Ch) (19 December 2019)

Adequate notice was given to creditors, the differences between noteholders were not material for class composition, and the court had jurisdiction to convene the meeting as the company is incorporated in England and Wales and liable to be wound up under the Insolvency Act 1986.

Citation
[2019] EWHC 3615 (Ch)
Parties
Claimant Company: Lecta Paper UK Limited
Jurisdiction
England and Wales
Judgment Date
19 December 2019
Procedural Posture
Scheme of Arrangement Application / Application to Convene Creditors' Meeting
Outcome
Order granted to convene a meeting of a single class of scheme creditors.
Legal Topics
Scheme of Arrangement, Class Composition of Creditors, Jurisdiction Under Companies Act 2006
Insolvency Company Law Scheme of Arrangement Class Composition of Creditors Jurisdiction Under Companies Act 2006

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Parties

Lecta Paper UK Limited

Claimant Company

Procedural Posture

Scheme of Arrangement Application / Application to Convene Creditors' Meeting

Legal Issues

  1. 1 Whether sufficient notice was given to scheme creditors for the convening hearing
  2. 2 Whether a single class of scheme creditors is appropriate
  3. 3 Whether the court has jurisdiction to sanction the scheme

Ratio Decidendi

Adequate notice was given to creditors, the differences between noteholders were not material for class composition, and the court had jurisdiction to convene the meeting as the company is incorporated in England and Wales and liable to be wound up under the Insolvency Act 1986.

Court Disposition

Order granted to convene a meeting of a single class of scheme creditors.

Orders

  • Meeting of a single class of scheme creditors to be convened to consider the proposed scheme of arrangement.
  • Directions for convening the scheme meeting approved.