Provident SPV Ltd, Re [2021] EWHC 2217 (Ch) (04 August 2021)

Provident SPV Ltd, Re [2021] EWHC 2217 (Ch) (04 August 2021)

The scheme meets all statutory requirements, is fair and reasonable in the circumstances given the alternative of insolvency, and no evidence or argument has been presented to show that a better alternative or higher contribution is realistically available. The FCA's concerns do not amount to a substantive objection or demonstrate unfairness or a defect in the scheme.

Citation
[2021] EWHC 2217 (Ch)
Parties
Applicant Company: Provident SPV Limited; Customer Advocate: Customer Advocate (Jonathan Yorke)
Jurisdiction
England and Wales
Judgment Date
04 August 2021
Procedural Posture
Scheme of Arrangement Under Part 26 of the Companies Act 2006 / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Creditors' Rights, Consumer Protection, Court Sanction, Statutory Compliance
Company Law Insolvency Law Scheme of Arrangement Creditors' Rights Consumer Protection Court Sanction Statutory Compliance

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Parties

Provident SPV Limited

Applicant Company

Customer Advocate (Jonathan Yorke)

Customer Advocate

Procedural Posture

Scheme of Arrangement Under Part 26 of the Companies Act 2006 / Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under Part 26 Companies Act 2006 are met
  2. 2 Whether the scheme is fair and reasonable to creditors
  3. 3 Whether there are any defects or 'blots' in the scheme that preclude sanction

Ratio Decidendi

The scheme meets all statutory requirements, is fair and reasonable in the circumstances given the alternative of insolvency, and no evidence or argument has been presented to show that a better alternative or higher contribution is realistically available. The FCA's concerns do not amount to a substantive objection or demonstrate unfairness or a defect in the scheme.

Court Disposition

Scheme sanctioned

Orders

  • The scheme of arrangement under Part 26 Companies Act 2006 is sanctioned.
  • Appropriate order to be made.