Swissport Fuelling Ltd, Re The Companies Act 2006 [2020] EWHC 1773 (Ch) (24 June 2020)

Swissport Fuelling Ltd, Re The Companies Act 2006 [2020] EWHC 1773 (Ch) (24 June 2020)

The scheme of arrangement met all statutory requirements, the class of creditors was properly constituted and fairly represented, the scheme was fair and reasonable and one which creditors could reasonably approve, and the scheme was likely to be effective and recognised in key foreign jurisdictions. The court sanctioned the scheme, including minor modifications, as being in the best interests of the company and its creditors.

Citation
[2020] EWHC 1773 (Ch)
Parties
Applicant/company: Swissport Fuelling Limited; Respondent/objectors: Ad Hoc Group of Creditors
Jurisdiction
England and Wales
Judgment Date
24 June 2020
Procedural Posture
Scheme of Arrangement Under Companies Act 2006 / Sanction Hearing
Outcome
Scheme of arrangement sanctioned.
Legal Topics
Scheme of Arrangement, Sanction of Scheme, International Recognition, Creditor Meetings, Debt Restructuring
Insolvency Law Company Law Cross Border Restructuring Scheme of Arrangement Sanction of Scheme International Recognition Creditor Meetings Debt Restructuring

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 9 Party arguments 2 Amounts and remedies 17
Sign in to unlock

Parties

Swissport Fuelling Limited

Applicant/company

Ad Hoc Group of Creditors

Respondent/objectors

Procedural Posture

Scheme of Arrangement Under Companies Act 2006 / Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under section 899 Companies Act 2006 are met
  2. 2 Whether the class of creditors was properly constituted and fairly represented
  3. 3 Whether the scheme is one which creditors could reasonably approve

Ratio Decidendi

The scheme of arrangement met all statutory requirements, the class of creditors was properly constituted and fairly represented, the scheme was fair and reasonable and one which creditors could reasonably approve, and the scheme was likely to be effective and recognised in key foreign jurisdictions. The court sanctioned the scheme, including minor modifications, as being in the best interests of the company and its creditors.

Court Disposition

Scheme of arrangement sanctioned.

Orders

  • The scheme of arrangement as modified is sanctioned under section 899 Companies Act 2006.
  • The proposed minor modifications to the scheme are approved.