Codere Finance (UK) Ltd, Re [2015] EWHC 3778 (Ch) (17 December 2015)

Codere Finance (UK) Ltd, Re [2015] EWHC 3778 (Ch) (17 December 2015)

The scheme satisfies statutory requirements, is fair and reasonable, has overwhelming creditor support, and the recent incorporation and assumption of liabilities for jurisdictional purposes does not preclude sanctioning the scheme given the substantial connections to England and the benefit to creditors.

Citation
[2015] EWHC 3778 (Ch)
Parties
Scheme Company: Codere Finance (UK) Limited; Creditor: Ad Hoc Committee of Creditors
Jurisdiction
England and Wales
Judgment Date
17 December 2015
Procedural Posture
Scheme of Arrangement Under Part 26 Companies Act 2006 / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Forum Shopping, Jurisdiction, Creditor Approval, Cross Border Insolvency
Insolvency Company Law Scheme of Arrangement Forum Shopping Jurisdiction Creditor Approval Cross Border Insolvency

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Parties

Codere Finance (UK) Limited

Scheme Company

Ad Hoc Committee of Creditors

Creditor

Procedural Posture

Scheme of Arrangement Under Part 26 Companies Act 2006 / Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement have been met
  2. 2 Whether the scheme is fair and reasonable to creditors
  3. 3 Whether recent incorporation and assumption of liabilities for jurisdictional purposes constitutes improper forum shopping

Ratio Decidendi

The scheme satisfies statutory requirements, is fair and reasonable, has overwhelming creditor support, and the recent incorporation and assumption of liabilities for jurisdictional purposes does not preclude sanctioning the scheme given the substantial connections to England and the benefit to creditors.

Court Disposition

Scheme sanctioned

Orders

  • Order sanctioning the scheme of arrangement as per draft at tab 3 of the first core bundle