Atento UK Limited & Anor, Re

Atento UK Limited & Anor, Re

The plans satisfy all statutory and procedural requirements, have overwhelming creditor support, are reasonable for creditors to approve, contain no defect, and are likely to be effective internationally. The court sanctions the restructuring plans.

Parties
Applicant: Atento UK Limited; Applicant: Atento Luxco 1; Interested Party: Ad hoc group of supporting Plan Creditors
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Insolvency/restructuring / Sanction Hearing for Restructuring Plan Approval
Outcome
restructuring plans sanctioned
Legal Topics
Restructuring Plan, Creditor Meetings, Cross Border Insolvency, Companies Act 2006 Section 901 F
Insolvency Company Law Restructuring Plan Creditor Meetings Cross Border Insolvency Companies Act 2006 Section 901 F

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Parties

Atento UK Limited

Applicant

Atento Luxco 1

Applicant

Ad hoc group of supporting Plan Creditors

Interested Party

Procedural Posture

Insolvency/restructuring / Sanction Hearing for Restructuring Plan Approval

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning the restructuring plans under section 901F Companies Act 2006 are met
  2. 2 Whether the classes of creditors were fairly represented and acted bona fide
  3. 3 Whether the plan is one which a creditor could reasonably approve

Ratio Decidendi

The plans satisfy all statutory and procedural requirements, have overwhelming creditor support, are reasonable for creditors to approve, contain no defect, and are likely to be effective internationally. The court sanctions the restructuring plans.

Court Disposition

restructuring plans sanctioned

Orders

  • The restructuring plans for Atento UK Limited and Atento Luxco 1 are sanctioned pursuant to section 901F Companies Act 2006.
  • Declaration that Mr Nelson-Smith has been validly appointed as foreign representative of each Plan Company.