Amerisur Resources Plc, Re Companies Act 2006

Amerisur Resources Plc, Re Companies Act 2006

The scheme of arrangement does not affect creditors' interests and merely effects a change in share ownership. The potential relocation of assets is neither certain nor imminent, and any such action would be subject to UK company law protections for creditors. The objection is insufficiently connected to the scheme itself to justify imposing the requested condition. The requirements for sanction are satisfied and the scheme is sanctioned without condition.

Parties
Company: Amerisur Resources plc; Claimants/objectors: Claimants (including proposed claimants)
Jurisdiction
England and Wales
Judgment Date
14 January 2020
Procedural Posture
Scheme of Arrangement Application / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Sanction of Scheme, Freezing Order, Creditors' Rights
Company Law Insolvency Law Scheme of Arrangement Sanction of Scheme Freezing Order Creditors' Rights

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Parties

Amerisur Resources plc

Company

Claimants (including proposed claimants)

Claimants/objectors

Procedural Posture

Scheme of Arrangement Application / Sanction Hearing

Legal Issues

  1. 1 Whether the court should sanction the scheme of arrangement for Amerisur Resources plc
  2. 2 Whether a condition should be imposed requiring the company to maintain unencumbered assets in the UK up to £6.9 million for the benefit of potential claimants

Ratio Decidendi

The scheme of arrangement does not affect creditors' interests and merely effects a change in share ownership. The potential relocation of assets is neither certain nor imminent, and any such action would be subject to UK company law protections for creditors. The objection is insufficiently connected to the scheme itself to justify imposing the requested condition. The requirements for sanction are satisfied and the scheme is sanctioned without condition.

Court Disposition

Scheme sanctioned

Orders

  • Order sanctioning the scheme of arrangement without condition