Uniq Plc, Re

Uniq Plc, Re

The scheme of arrangement was sanctioned because it was the only viable solution to the company's pension deficit, complied with statutory requirements, provided substantial benefit to members by preserving some value in their shares, and any financial assistance or procedural errors were either lawful or properly addressed.

Parties
Petitioner: Uniq plc; Respondents: Members of Uniq plc
Jurisdiction
England and Wales
Judgment Date
25 March 2011
Procedural Posture
Scheme of Arrangement (companies Act) / Judgment on Sanction of Scheme
Outcome
Scheme of arrangement sanctioned; reduction of capital confirmed.
Legal Topics
Schemes of Arrangement, Financial Assistance, Reduction of Capital, Pension Scheme Deficits
Company Law Insolvency Law Pensions Law Schemes of Arrangement Financial Assistance Reduction of Capital Pension Scheme Deficits

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Parties

Uniq plc

Petitioner

Members of Uniq plc

Respondents

Procedural Posture

Scheme of Arrangement (companies Act) / Judgment on Sanction of Scheme

Legal Issues

  1. 1 Whether the scheme of arrangement should be sanctioned under section 899 of the Companies Act 2006
  2. 2 Whether the scheme provides sufficient benefit to members to constitute a valid arrangement
  3. 3 Whether the provision of financial assistance contravenes section 678 of the Companies Act 2006

Ratio Decidendi

The scheme of arrangement was sanctioned because it was the only viable solution to the company's pension deficit, complied with statutory requirements, provided substantial benefit to members by preserving some value in their shares, and any financial assistance or procedural errors were either lawful or properly addressed.

Court Disposition

Scheme of arrangement sanctioned; reduction of capital confirmed.

Orders

  • The scheme of arrangement under section 899 Companies Act 2006 is sanctioned.
  • The reduction of capital as provided in the scheme is confirmed.