IN THE MATTER OF ALL SCHEME LTD AND IN THE MATTER OF PART 26 OF THE COMPANIES ACT 2006

IN THE MATTER OF ALL SCHEME LTD AND IN THE MATTER OF PART 26 OF THE COMPANIES ACT 2006

SchemeCo is permitted to convene simultaneous meetings for the New Business Scheme and Wind-Down Scheme, with class composition and explanatory statement approved, and voting allocations reflecting insolvency comparators. No obvious roadblocks exist to the inclusion of third party releases or the use of SchemeCo.

Parties
Applicant Company: ALL Scheme Limited; Customer Advocate: Jonathan Yorke
Jurisdiction
England and Wales
Judgment Date
15 March 2022
Procedural Posture
Scheme of Arrangement Application / Convening Hearing
Outcome
Order granted to convene Scheme Meetings for both schemes.
Legal Topics
Schemes of Arrangement, Creditor Class Composition, Consumer Redress, Mis Selling, Third Party Releases
Company Law Insolvency Law Financial Services Regulation Schemes of Arrangement Creditor Class Composition Consumer Redress Mis Selling Third Party Releases

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Parties

ALL Scheme Limited

Applicant Company

Jonathan Yorke

Customer Advocate

Procedural Posture

Scheme of Arrangement Application / Convening Hearing

Legal Issues

  1. 1 Whether SchemeCo may convene meetings for two alternative schemes of arrangement under Part 26 of the Companies Act 2006
  2. 2 Whether the use of SchemeCo and the Deed of Release falls within the proper scope of a scheme
  3. 3 Whether the composition of creditor classes is appropriate

Ratio Decidendi

SchemeCo is permitted to convene simultaneous meetings for the New Business Scheme and Wind-Down Scheme, with class composition and explanatory statement approved, and voting allocations reflecting insolvency comparators. No obvious roadblocks exist to the inclusion of third party releases or the use of SchemeCo.

Court Disposition

Order granted to convene Scheme Meetings for both schemes.

Orders

  • Permission granted to convene simultaneous meetings for the New Business Scheme and Wind-Down Scheme.
  • Meetings to be held entirely online.