Icopal AS & Ors, Re [2013] EWHC 3469 (Ch) (24 July 2013)

Icopal AS & Ors, Re [2013] EWHC 3469 (Ch) (24 July 2013)

The companies have established sufficient connection to the jurisdiction for the purposes of convening scheme meetings, and the proposed single class of scheme creditors is appropriate based on similarity of legal rights. Objections regarding recognition in other jurisdictions and class constitution do not preclude convening meetings and can be reconsidered at the sanction hearing if necessary.

Citation
[2013] EWHC 3469 (Ch)
Parties
Applicant Companies: ICOPAL AS and Others; Supporting Creditors: Supporting Creditors; Dissenting Creditor: Svenska Handelsbanken AB; Dissenting Creditor: HSH Nordbanken AG
Jurisdiction
England and Wales
Judgment Date
24 July 2013
Procedural Posture
Scheme of Arrangement Convening Application / Application to Convene Scheme Meetings
Outcome
Application granted
Legal Topics
Schemes of Arrangement, Jurisdiction, Class Constitution, Recognition of Schemes
Company Law Insolvency Law Schemes of Arrangement Jurisdiction Class Constitution Recognition of Schemes

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Parties

ICOPAL AS and Others

Applicant Companies

Supporting Creditors

Supporting Creditors

Svenska Handelsbanken AB

Dissenting Creditor

HSH Nordbanken AG

Dissenting Creditor

Procedural Posture

Scheme of Arrangement Convening Application / Application to Convene Scheme Meetings

Legal Issues

  1. 1 Whether the English court has jurisdiction to convene scheme meetings for foreign companies under section 899 of the Companies Act 2006
  2. 2 Whether the proposed class of scheme creditors is correctly constituted as a single class
  3. 3 Whether concerns about recognition and enforceability in other jurisdictions preclude convening meetings

Ratio Decidendi

The companies have established sufficient connection to the jurisdiction for the purposes of convening scheme meetings, and the proposed single class of scheme creditors is appropriate based on similarity of legal rights. Objections regarding recognition in other jurisdictions and class constitution do not preclude convening meetings and can be reconsidered at the sanction hearing if necessary.

Court Disposition

Application granted

Orders

  • Scheme meetings to be convened as proposed
  • Directions for advertisement and notice given