In the matter of AGPS Bondco Plc

In the matter of AGPS Bondco Plc

The court granted directions for convening meetings of the various classes of creditors, finding that the requirements of section 901A Companies Act 2006 were met, classes were properly constituted, and the urgency justified a tight timetable for evidence. The court declined to order disclosure of investment manager information in voting forms, finding it would not achieve the intended objective and could distract from the main issues.

Parties
Applicant/plan Company: AGPS Bondco PLC; Respondent/opposing Creditors: Ad Hoc Group of Opposing Creditors; Interested Party/supporting Creditors: Steering Committee of Creditors
Jurisdiction
England and Wales
Judgment Date
27 February 2023
Procedural Posture
Insolvency/restructuring (scheme of Arrangement) / Application for Directions to Convene Creditors' Meetings Under Part 26 a Companies Act 2006
Outcome
Directions granted for convening creditors' meetings; timetable for evidence and hearing set; disclosure ordered as agreed except for investment manager information in voting forms, which was refused.
Legal Topics
Scheme of Arrangement, Restructuring Plan, Creditors' Meetings, Cross Border Insolvency, Jurisdiction, Class Constitution, Disclosure, Timetabling
Insolvency Law Company Law Scheme of Arrangement Restructuring Plan Creditors' Meetings Cross Border Insolvency Jurisdiction Class Constitution +2 more

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Parties

AGPS Bondco PLC

Applicant/plan Company

Ad Hoc Group of Opposing Creditors

Respondent/opposing Creditors

Steering Committee of Creditors

Interested Party/supporting Creditors

Procedural Posture

Insolvency/restructuring (scheme of Arrangement) / Application for Directions to Convene Creditors' Meetings Under Part 26 a Companies Act 2006

Legal Issues

  1. 1 Whether to grant directions for convening creditors' meetings under Part 26A Companies Act 2006
  2. 2 Whether classes of creditors have been properly constituted
  3. 3 Whether the timetable for evidence and hearing is fair and practicable

Ratio Decidendi

The court granted directions for convening meetings of the various classes of creditors, finding that the requirements of section 901A Companies Act 2006 were met, classes were properly constituted, and the urgency justified a tight timetable for evidence. The court declined to order disclosure of investment manager information in voting forms, finding it would not achieve the intended objective and could distract from the main issues.

Court Disposition

Directions granted for convening creditors' meetings; timetable for evidence and hearing set; disclosure ordered as agreed except for investment manager information in voting forms, which was refused.

Orders

  • Permission granted to convene meetings of the various classes of creditors on 16 March 2023.
  • Timetable for evidence set: AHG to serve evidence by 16 March 2023, reply evidence within seven days thereafter.