Apcoa Parking (UK) Ltd & Ors, Re

Apcoa Parking (UK) Ltd & Ors, Re

At the convening stage, the proposed class constitution is appropriate as the rights of creditors are not so dissimilar as to prevent consultation in common interest, and there is no obvious jurisdictional bar to the English court's intervention given the valid change of governing law and jurisdiction and expert evidence of recognition abroad. All objections are reserved for the sanction hearing.

Parties
Applicant/scheme Companies: APCOA Parking (UK) Ltd & Ors; Respondent/objecting Creditors: Centerbridge Lenders
Jurisdiction
England and Wales
Judgment Date
26 March 2014
Procedural Posture
Scheme of Arrangement (companies Act 2006, Part 26) / Application for Order to Convene Scheme Meetings (pre Sanction)
Outcome
Application granted (order to convene scheme meetings)
Legal Topics
Schemes of Arrangement, Jurisdiction, Class Constitution, Cross Border Insolvency, Recognition of Foreign Schemes
Company Law Insolvency Law Private International Law Schemes of Arrangement Jurisdiction Class Constitution Cross Border Insolvency Recognition of Foreign Schemes

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Parties

APCOA Parking (UK) Ltd & Ors

Applicant/scheme Companies

Centerbridge Lenders

Respondent/objecting Creditors

Procedural Posture

Scheme of Arrangement (companies Act 2006, Part 26) / Application for Order to Convene Scheme Meetings (pre Sanction)

Legal Issues

  1. 1 Whether the proposed classes for scheme meetings are appropriate under English law
  2. 2 Whether the English court has jurisdiction to sanction a scheme for foreign companies and contracts originally governed by foreign law
  3. 3 Whether the change of governing law and jurisdiction to English law/courts is valid and effective

Ratio Decidendi

At the convening stage, the proposed class constitution is appropriate as the rights of creditors are not so dissimilar as to prevent consultation in common interest, and there is no obvious jurisdictional bar to the English court's intervention given the valid change of governing law and jurisdiction and expert evidence of recognition abroad. All objections are reserved for the sanction hearing.

Court Disposition

Application granted (order to convene scheme meetings)

Orders

  • Scheme meetings approved as proposed
  • All other matters reserved for the sanction hearing