Zlomrex International Finance S.A., Re

Zlomrex International Finance S.A., Re

The English court has jurisdiction to convene a meeting of creditors for the Scheme of Arrangement as the company has established a sufficient connection with England and Wales, and its COMI is now in this jurisdiction. The class of creditors is properly constituted, and the Scheme may proceed subject to further consideration of the waiver of Chapter 15 recognition and amendment of the order wording.

Parties
Applicant Company: Zlomrex International Finance S.A.
Jurisdiction
England and Wales
Judgment Date
26 November 2013
Procedural Posture
Scheme of Arrangement / Application to Convene Creditors' Meeting
Outcome
Application granted to convene creditors' meeting
Legal Topics
Scheme of Arrangement, Jurisdiction, Centre of Main Interest (comi), Recognition of Foreign Judgments
Insolvency Company Law Cross Border Restructuring Scheme of Arrangement Jurisdiction Centre of Main Interest (comi) Recognition of Foreign Judgments

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Parties

Zlomrex International Finance S.A.

Applicant Company

Procedural Posture

Scheme of Arrangement / Application to Convene Creditors' Meeting

Legal Issues

  1. 1 Whether the English court has jurisdiction to convene a creditors' meeting for a French-registered company
  2. 2 Whether the company's COMI is in England and Wales
  3. 3 Whether the class of creditors is properly constituted

Ratio Decidendi

The English court has jurisdiction to convene a meeting of creditors for the Scheme of Arrangement as the company has established a sufficient connection with England and Wales, and its COMI is now in this jurisdiction. The class of creditors is properly constituted, and the Scheme may proceed subject to further consideration of the waiver of Chapter 15 recognition and amendment of the order wording.

Court Disposition

Application granted to convene creditors' meeting

Orders

  • Meeting of beneficial owners of the Notes to be convened
  • Scheme may proceed with provision for waiver of Chapter 15 recognition condition