In the matter of Nostrum Oil & Gas Plc

In the matter of Nostrum Oil & Gas Plc

The scheme of arrangement was sanctioned because it complied with statutory requirements, was overwhelmingly supported by creditors, treated all creditors (including those subject to sanctions) fairly, contained no defect or 'blot', and was likely to be effective internationally.

Parties
Applicant/company: Nostrum Oil & Gas Plc; Respondents/creditors: Scheme Creditors
Jurisdiction
England and Wales
Judgment Date
26 August 2022
Procedural Posture
Scheme of Arrangement (insolvency/restructuring) / Sanction Hearing and Final Order
Outcome
Scheme of arrangement sanctioned.
Legal Topics
Scheme of Arrangement, Sanctions Compliance, Creditor Rights, Class Representation, International Recognition of Schemes
Insolvency Company Law Financial Restructuring Scheme of Arrangement Sanctions Compliance Creditor Rights Class Representation International Recognition of Schemes

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Parties

Nostrum Oil & Gas Plc

Applicant/company

Scheme Creditors

Respondents/creditors

Procedural Posture

Scheme of Arrangement (insolvency/restructuring) / Sanction Hearing and Final Order

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under Part 26 of the Companies Act 2006 were met
  2. 2 Whether the class of creditors was properly constituted and fairly represented
  3. 3 Whether the scheme is fair and reasonable to creditors, including those subject to sanctions

Ratio Decidendi

The scheme of arrangement was sanctioned because it complied with statutory requirements, was overwhelmingly supported by creditors, treated all creditors (including those subject to sanctions) fairly, contained no defect or 'blot', and was likely to be effective internationally.

Court Disposition

Scheme of arrangement sanctioned.

Orders

  • Scheme of arrangement between Nostrum Oil & Gas Plc and its creditors is sanctioned pursuant to Part 26 of the Companies Act 2006.
  • Company authorised to implement the restructuring as set out in the scheme.