Noble Group Ltd, Re

Noble Group Ltd, Re

The statutory requirements of Part 26 Companies Act 2006 have been satisfied: the class of creditors was properly constituted and fairly represented, the scheme is fair and reasonable, no defects exist, and the English court has sufficient connection and jurisdiction. The scheme is likely to be effective and recognised internationally. It is therefore appropriate to sanction the scheme.

Parties
Applicant/company: Noble Group Limited; Respondents/objectors: Ad Hoc Group of Scheme Creditors
Jurisdiction
England and Wales
Judgment Date
14 November 2018
Procedural Posture
Scheme of Arrangement (companies Act 2006, Part 26) / Sanction Hearing and Final Order
Outcome
Scheme of arrangement sanctioned
Legal Topics
Schemes of Arrangement, Class Composition, Jurisdiction and Recognition, Creditor Rights, Third Party Releases
Insolvency Law Company Law Cross Border Restructuring Schemes of Arrangement Class Composition Jurisdiction and Recognition Creditor Rights Third Party Releases

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Parties

Noble Group Limited

Applicant/company

Ad Hoc Group of Scheme Creditors

Respondents/objectors

Procedural Posture

Scheme of Arrangement (companies Act 2006, Part 26) / Sanction Hearing and Final Order

Legal Issues

  1. 1 Whether statutory requirements for sanctioning a scheme of arrangement under Part 26 Companies Act 2006 are satisfied
  2. 2 Whether the class of creditors was properly constituted and fairly represented
  3. 3 Whether the scheme is fair and reasonable to creditors

Ratio Decidendi

The statutory requirements of Part 26 Companies Act 2006 have been satisfied: the class of creditors was properly constituted and fairly represented, the scheme is fair and reasonable, no defects exist, and the English court has sufficient connection and jurisdiction. The scheme is likely to be effective and recognised internationally. It is therefore appropriate to sanction the scheme.

Court Disposition

Scheme of arrangement sanctioned

Orders

  • The scheme of arrangement between Noble Group Limited and its Scheme Creditors is sanctioned pursuant to Part 26 Companies Act 2006.