Aon Plc, Re [2020] EWHC 1003 (Ch) (31 March 2020)

Aon Plc, Re [2020] EWHC 1003 (Ch) (31 March 2020)

The scheme of arrangement and reduction of capital satisfy all statutory and judicial requirements, the modifications are justified by material changes in circumstances and do not prejudice shareholders, and the reduction is for a proper purpose with creditor safeguards.

Citation
[2020] EWHC 1003 (Ch)
Parties
Applicant: Aon plc
Jurisdiction
England and Wales
Judgment Date
31 March 2020
Procedural Posture
Scheme of Arrangement and Reduction of Capital / Sanction Hearing and Confirmation of Reduction
Outcome
scheme 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

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 6 Party arguments 2 Amounts and remedies 8
Sign in to unlock

Parties

Aon plc

Applicant

Procedural Posture

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

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under Part 26 of the Companies Act 2006 are satisfied
  2. 2 Whether the proposed modifications to the scheme are permissible and fair
  3. 3 Whether the reduction of capital should be confirmed under section 641(1)(b) of the Companies Act 2006

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 do not prejudice shareholders, and the reduction is for a proper purpose with creditor safeguards.

Court Disposition

scheme sanctioned and reduction of capital confirmed

Orders

  • Scheme of arrangement under Part 26 Companies Act 2006 sanctioned
  • Reduction of capital under section 641(1)(b) Companies Act 2006 confirmed