Codere Finance 2 (UK) Ltd, Re Companies Act 2006

The scheme met all statutory requirements, the class was properly constituted and fairly represented, the scheme was fair and reasonable, the court had jurisdiction, and the scheme would have a substantial effect. The scheme was overwhelmingly supported by creditors and provided a better alternative than liquidation.

Parties: Applicant/company: Codere Finance 2 (UK) Limited; Objector/scheme Creditor: Kyma Capital Limited; Scheme Creditors: Ad Hoc Committee of Scheme Creditors (AHC)
Jurisdiction: England and Wales
Judgment Date: 06 October 2020
Procedural Posture: Scheme of Arrangement Under Companies Act 2006 / Sanction Hearing and Final Order
Outcome: Scheme sanctioned
Legal Topics: Scheme of Arrangement, Class Composition, Jurisdiction, Sanction of Scheme

Insolvency Company Law Scheme of Arrangement Class Composition Jurisdiction Sanction of Scheme

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Parties

Codere Finance 2 (UK) Limited

Applicant/company

Kyma Capital Limited

Objector/scheme Creditor

Ad Hoc Committee of Scheme Creditors (AHC)

Scheme Creditors

Procedural Posture

Scheme of Arrangement Under Companies Act 2006 / Sanction Hearing and Final Order

Legal Issues

1 Whether statutory requirements for sanctioning the scheme are met
2 Whether the class of creditors was properly constituted and fairly represented
3 Whether the scheme is fair and reasonable for creditors

Ratio Decidendi

Court Disposition

Scheme sanctioned

Orders

Order sanctioning the scheme of arrangement under Part 26 of the Companies Act 2006