In the Matter of All Scheme Ltd [2022] EWHC 1318 (Ch) (30 May 2022)

In the Matter of All Scheme Ltd [2022] EWHC 1318 (Ch) (30 May 2022)

The court sanctioned the NBS because statutory requirements were met, the class was fairly represented, the majority acted bona fide, creditors were properly informed, and the scheme was fair and reasonable compared to the relevant alternative (administration). No blots or discretionary reasons justified refusal of sanction.

Citation
[2022] EWHC 1318 (Ch)
Parties
Applicant Company: ALL Scheme Ltd; Customer Advocate: Jonathan Yorke (Customer Advocate)
Jurisdiction
England and Wales
Judgment Date
30 May 2022
Procedural Posture
Scheme of Arrangement Under Part 26 Companies Act 2006 / Sanction Hearing
Outcome
Sanction granted for the New Business Scheme (NBS) under Part 26 Companies Act 2006.
Legal Topics
Schemes of Arrangement, Creditors' Rights, Corporate Restructuring, Sanction of Schemes, Class Representation, Insolvency Alternatives
Insolvency Company Law Schemes of Arrangement Creditors' Rights Corporate Restructuring Sanction of Schemes Class Representation Insolvency Alternatives

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Parties

ALL Scheme Ltd

Applicant Company

Jonathan Yorke (Customer Advocate)

Customer Advocate

Procedural Posture

Scheme of Arrangement Under Part 26 Companies Act 2006 / Sanction Hearing

Legal Issues

  1. 1 Whether the court should sanction the New Business Scheme (NBS) under Part 26 of the Companies Act 2006 for ALL Scheme Ltd
  2. 2 Whether statutory requirements for convening and conducting scheme meetings were met
  3. 3 Whether the scheme is fair and reasonable to creditors

Ratio Decidendi

The court sanctioned the NBS because statutory requirements were met, the class was fairly represented, the majority acted bona fide, creditors were properly informed, and the scheme was fair and reasonable compared to the relevant alternative (administration). No blots or discretionary reasons justified refusal of sanction.

Court Disposition

Sanction granted for the New Business Scheme (NBS) under Part 26 Companies Act 2006.

Orders

  • The NBS is sanctioned and binding on all scheme creditors and the company.
  • SchemeCo to implement the scheme in accordance with its terms.