Castle Trust Direct Plc & Ors, Re

Castle Trust Direct Plc & Ors, Re

The court is satisfied that the proposed classes of creditors are properly constituted, that it has jurisdiction over the scheme companies and creditors, and that scheme meetings may be convened and held by electronic means due to the COVID-19 pandemic, provided that the essential characteristics of a meeting—consultation and participation—are preserved.

Parties
Applicant: Castle Trust Direct Plc; Applicant: Castle Trust Income Housa Plc; Applicant: Castle Trust Capital PLC
Jurisdiction
England and Wales
Judgment Date
03 April 2020
Procedural Posture
Scheme of Arrangement / Application for Order to Convene Creditors' Meetings
Outcome
order granted
Legal Topics
Schemes of Arrangement, Creditors' Meetings, Class Constitution, Jurisdiction, COVID 19 Procedural Adaptations
Company Law Insolvency Law Schemes of Arrangement Creditors' Meetings Class Constitution Jurisdiction COVID 19 Procedural Adaptations

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Parties

Castle Trust Direct Plc

Applicant

Castle Trust Income Housa Plc

Applicant

Castle Trust Capital PLC

Applicant

Procedural Posture

Scheme of Arrangement / Application for Order to Convene Creditors' Meetings

Legal Issues

  1. 1 Whether the court should order the convening of meetings for consideration and approval of schemes of arrangement under Part 26 of the Companies Act 2006
  2. 2 Whether the proposed classes of creditors are properly constituted
  3. 3 Whether the court has jurisdiction over foreign creditors and companies

Ratio Decidendi

The court is satisfied that the proposed classes of creditors are properly constituted, that it has jurisdiction over the scheme companies and creditors, and that scheme meetings may be convened and held by electronic means due to the COVID-19 pandemic, provided that the essential characteristics of a meeting—consultation and participation—are preserved.

Court Disposition

order granted

Orders

  • Four scheme meetings to be convened as sought by the applicant companies.
  • Scheme meetings to be conducted by telephone and webinar with facilities for creditor consultation and voting.