Haya Holdco 2 PLC, Re [2022] EWHC 2732 (Ch) (09 June 2022)

Haya Holdco 2 PLC, Re [2022] EWHC 2732 (Ch) (09 June 2022)

The court sanctioned the scheme because statutory requirements were met, the class was fairly represented and acted bona fide, the scheme was reasonable for creditors, there was no defect in the scheme, and the proposed modifications were technical, necessary, and not materially adverse to any creditor.

Source-derived case information.

Citation
[2022] EWHC 2732 (Ch)
Parties
Company: Haya Holdco 2 plc
Jurisdiction
England and Wales
Judgment Date
09 June 2022
Procedural Posture
Scheme of Arrangement Under Companies Act 2006 / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Creditors' Rights, Cross Border Recognition, Restructuring
Insolvency Company Law Scheme of Arrangement Creditors' Rights Cross Border Recognition Restructuring

Source-derived case record

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Parties

Haya Holdco 2 plc

Company

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 of the Companies Act 2006 have been met
  2. 2 Whether the class of creditors was fairly represented and acted bona fide
  3. 3 Whether the scheme is one that an intelligent and honest person might reasonably approve

Ratio Decidendi

The court sanctioned the scheme because statutory requirements were met, the class was fairly represented and acted bona fide, the scheme was reasonable for creditors, there was no defect in the scheme, and the proposed modifications were technical, necessary, and not materially adverse to any creditor.

Court Disposition

Scheme sanctioned

Orders

  • The court sanctions the modified scheme of arrangement in the form presented.