Algeco Scotsman PIK S.A.

Algeco Scotsman PIK S.A.

The English court has jurisdiction to sanction the scheme as the company is liable to be wound up under the Insolvency Act 1986 and has sufficient connection with England through its COMI and the change of governing law and jurisdiction. The scheme is fair, meets statutory requirements, has overwhelming creditor support, and is likely to be recognised in relevant foreign jurisdictions. There is no impediment to sanctioning the scheme.

Parties
Claimant: Algeco Scotsman PIK S.A.
Jurisdiction
England and Wales
Judgment Date
22 June 2017
Procedural Posture
Scheme of Arrangement / Sanction Hearing Judgment
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Jurisdiction, COMI (centre of Main Interests), Governing Law Change, Recognition of Foreign Schemes
Insolvency Law Company Law Cross Border Restructuring Scheme of Arrangement Jurisdiction COMI (centre of Main Interests) Governing Law Change Recognition of Foreign Schemes

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Parties

Algeco Scotsman PIK S.A.

Claimant

Procedural Posture

Scheme of Arrangement / Sanction Hearing Judgment

Legal Issues

  1. 1 Whether the English court has jurisdiction to sanction a scheme of arrangement for a Luxembourg company under section 899 of the Companies Act 2006
  2. 2 Whether the company has sufficient connection with England to justify the exercise of the scheme jurisdiction
  3. 3 Whether the scheme is fair and reasonable and meets statutory requirements

Ratio Decidendi

The English court has jurisdiction to sanction the scheme as the company is liable to be wound up under the Insolvency Act 1986 and has sufficient connection with England through its COMI and the change of governing law and jurisdiction. The scheme is fair, meets statutory requirements, has overwhelming creditor support, and is likely to be recognised in relevant foreign jurisdictions. There is no impediment to sanctioning the scheme.

Court Disposition

Scheme sanctioned

Orders

  • The scheme of arrangement is sanctioned under section 899 of the Companies Act 2006.