Steinhoff International Holdings N.V., Re [2020] EWHC 3455 (Ch) (26 November 2020)

Steinhoff International Holdings N.V., Re [2020] EWHC 3455 (Ch) (26 November 2020)

All jurisdictional and procedural requirements for convening scheme meetings are satisfied; there is no obvious roadblock to convening meetings; the scheme creditors are properly identified and notified; class composition is appropriate; and the scheme is a genuine compromise. Therefore, a convening order should be granted.

Citation
[2020] EWHC 3455 (Ch)
Parties
Claimant: Steinhoff International Holdings N. V.
Jurisdiction
England and Wales
Judgment Date
26 November 2020
Procedural Posture
Scheme of Arrangement / Application for Convening Order
Outcome
Convening order granted
Legal Topics
Scheme of Arrangement, Jurisdiction, Class Composition, Creditor Notification, Effectiveness of Scheme
Insolvency Company Law Cross Border Restructuring Scheme of Arrangement Jurisdiction Class Composition Creditor Notification Effectiveness of Scheme

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Parties

Steinhoff International Holdings N. V.

Claimant

Procedural Posture

Scheme of Arrangement / Application for Convening Order

Legal Issues

  1. 1 Whether to grant a convening order for scheme meetings under Part 26 Companies Act 2006
  2. 2 Whether scheme creditors are properly identified and notified
  3. 3 Whether the scheme constitutes a compromise or arrangement

Ratio Decidendi

All jurisdictional and procedural requirements for convening scheme meetings are satisfied; there is no obvious roadblock to convening meetings; the scheme creditors are properly identified and notified; class composition is appropriate; and the scheme is a genuine compromise. Therefore, a convening order should be granted.

Court Disposition

Convening order granted

Orders

  • Order for convening scheme meetings of Facility A1 and Facility A2 creditors as proposed
  • Approval of notice period and arrangements for remote meetings as set out in the draft order