Aon Plc, Re

Aon Plc, Re

The scheme of arrangement and reduction of capital satisfy all statutory and judicial requirements, the modifications are justified by material changes in circumstances, and there is no prejudice to shareholders or creditors. The scheme and reduction are sanctioned and confirmed.

Parties
Applicant: Aon plc
Jurisdiction
England and Wales
Judgment Date
31 March 2020
Procedural Posture
Scheme of Arrangement / Company Law / Sanction Hearing and Confirmation of Capital Reduction
Outcome
Scheme of arrangement sanctioned and reduction of capital confirmed.
Legal Topics
Scheme of Arrangement, Reduction of Capital, Shareholder Rights, Corporate Restructuring
Company Law Insolvency Law Scheme of Arrangement Reduction of Capital Shareholder Rights Corporate Restructuring

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Parties

Aon plc

Applicant

Procedural Posture

Scheme of Arrangement / Company Law / Sanction Hearing and Confirmation of Capital Reduction

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under Part 26 of the Companies Act 2006 have been met
  2. 2 Whether the class of shareholders was fairly represented and the statutory majority acted bona fide
  3. 3 Whether an intelligent and honest shareholder might reasonably approve the scheme

Ratio Decidendi

The scheme of arrangement and reduction of capital satisfy all statutory and judicial requirements, the modifications are justified by material changes in circumstances, and there is no prejudice to shareholders or creditors. The scheme and reduction are sanctioned and confirmed.

Court Disposition

Scheme of arrangement sanctioned and reduction of capital confirmed.

Orders

  • The scheme of arrangement under Part 26 of the Companies Act 2006 is sanctioned.
  • The reduction of capital pursuant to section 641(1)(b) of the Companies Act 2006 is confirmed.