Seven Energy International Ltd

Seven Energy International Ltd

There is a real prospect that the restructuring can be implemented and administration will achieve a better result for creditors than liquidation; potential shareholder and securityholder objections do not present a sufficient barrier.

Parties
Claimant: Seven Energy International Limited
Jurisdiction
England and Wales
Judgment Date
13 November 2019
Procedural Posture
Administration Application / Judgment
Outcome
administration order granted
Legal Topics
Administration Order, Insolvency, Restructuring, Shareholder Rights
Insolvency Company Law Administration Order Restructuring Shareholder Rights

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Parties

Seven Energy International Limited

Claimant

Procedural Posture

Administration Application / Judgment

Legal Issues

  1. 1 Whether the company is insolvent
  2. 2 Whether an administration order is reasonably likely to achieve the purpose of administration
  3. 3 Effect of section 130 of the Mauritian Companies Act 2001 on restructuring

Ratio Decidendi

There is a real prospect that the restructuring can be implemented and administration will achieve a better result for creditors than liquidation; potential shareholder and securityholder objections do not present a sufficient barrier.

Court Disposition

administration order granted

Orders

  • Administration order made effective from 12 noon on 13 November 2019.