Card Protection Plan Litd, Re

Card Protection Plan Litd, Re

The Scheme is fair, reasonable, and in the interests of creditors as a whole; procedural requirements have been met; objections do not justify withholding sanction; the court exercises its discretion to approve the Scheme.

Parties
Applicant: Card Protection Plan Limited
Jurisdiction
England and Wales
Judgment Date
14 January 2014
Procedural Posture
Scheme of Arrangement (companies Act 2006) / Application for Sanction of Scheme
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Sanction of Scheme, Mis Selling of Insurance Products, Redress Mechanisms
Company Law Financial Regulation Scheme of Arrangement Sanction of Scheme Mis Selling of Insurance Products Redress Mechanisms

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Parties

Card Protection Plan Limited

Applicant

Procedural Posture

Scheme of Arrangement (companies Act 2006) / Application for Sanction of Scheme

Legal Issues

  1. 1 Whether the proposed Scheme of Arrangement should be sanctioned under Part 26 of the Companies Act 2006
  2. 2 Whether the Scheme is fair and reasonable to creditors
  3. 3 Whether procedural requirements for sanctioning the Scheme have been met

Ratio Decidendi

The Scheme is fair, reasonable, and in the interests of creditors as a whole; procedural requirements have been met; objections do not justify withholding sanction; the court exercises its discretion to approve the Scheme.

Court Disposition

Scheme sanctioned

Orders

  • The draft order sanctioning the Scheme of Arrangement is approved.