All Scheme Ltd, Re [2022] EWHC 549 (Ch) (15 March 2022)

All Scheme Ltd, Re [2022] EWHC 549 (Ch) (15 March 2022)

The court is satisfied that the proposed class composition is appropriate, the explanatory statement is adequate for the intended audience, and there are no jurisdictional or structural obstacles to convening meetings for the proposed schemes. Directions are therefore granted to convene simultaneous meetings for the two alternative schemes.

Citation
[2022] EWHC 549 (Ch)
Parties
Applicant Company: ALL Scheme Ltd; Customer Advocate: Jonathan Yorke (Customer Advocate)
Jurisdiction
England and Wales
Judgment Date
15 March 2022
Procedural Posture
Scheme of Arrangement Under Part 26 of the Companies Act 2006 / Application for Directions to Convene Meetings (convening Hearing)
Outcome
Order granted to convene meetings for the two alternative schemes of arrangement.
Legal Topics
Schemes of Arrangement, Mis Selling of Financial Products, Class Composition, Third Party Releases, Creditors' Meetings
Company Law Insolvency Law Schemes of Arrangement Mis Selling of Financial Products Class Composition Third Party Releases Creditors' Meetings

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Parties

ALL Scheme Ltd

Applicant Company

Jonathan Yorke (Customer Advocate)

Customer Advocate

Procedural Posture

Scheme of Arrangement Under Part 26 of the Companies Act 2006 / Application for Directions to Convene Meetings (convening Hearing)

Legal Issues

  1. 1 Whether to grant directions to convene meetings for two alternative schemes of arrangement under Part 26 of the Companies Act 2006
  2. 2 Whether the proposed class composition for voting is appropriate
  3. 3 Whether the explanatory statement is adequate for the intended audience

Ratio Decidendi

The court is satisfied that the proposed class composition is appropriate, the explanatory statement is adequate for the intended audience, and there are no jurisdictional or structural obstacles to convening meetings for the proposed schemes. Directions are therefore granted to convene simultaneous meetings for the two alternative schemes.

Court Disposition

Order granted to convene meetings for the two alternative schemes of arrangement.

Orders

  • Permission granted to convene simultaneous meetings for the New Business Scheme and Wind-Down Scheme.
  • Meetings to be held online; explanatory statement to be distributed electronically and advertised as directed.