DTEK Finance Plc, Re Companies Act 2006

DTEK Finance Plc, Re Companies Act 2006

The differences between the two series of notes are not material in the context of likely insolvency, and the existence of at least one creditor domiciled in the UK satisfies article 8(1) of the recast Judgments Regulation. Therefore, it is appropriate to convene a single meeting of scheme creditors.

Parties
Applicant: DTEK Finance plc; Respondents: Scheme Creditors
Jurisdiction
England and Wales
Judgment Date
02 December 2016
Procedural Posture
Scheme of Arrangement Under Companies Act 2006 / Application for Order to Convene Creditors' Meeting
Outcome
Order granted
Legal Topics
Schemes of Arrangement, Creditors' Meetings, Jurisdiction Under Judgments Regulation
Company Law Insolvency Law Schemes of Arrangement Creditors' Meetings Jurisdiction Under Judgments Regulation

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Parties

DTEK Finance plc

Applicant

Scheme Creditors

Respondents

Procedural Posture

Scheme of Arrangement Under Companies Act 2006 / Application for Order to Convene Creditors' Meeting

Legal Issues

  1. 1 Whether to order a meeting of creditors under section 896 of the Companies Act 2006 for a proposed scheme of arrangement
  2. 2 Whether creditors holding two series of notes should be treated as a single class for voting purposes
  3. 3 Whether the recast Judgments Regulation (EU) No 1215/2012, article 8(1), affects the court's jurisdiction to convene the meeting

Ratio Decidendi

The differences between the two series of notes are not material in the context of likely insolvency, and the existence of at least one creditor domiciled in the UK satisfies article 8(1) of the recast Judgments Regulation. Therefore, it is appropriate to convene a single meeting of scheme creditors.

Court Disposition

Order granted

Orders

  • A meeting of scheme creditors is to be convened to consider the proposed scheme of arrangement.
  • Order made in the terms of the draft provided to the court.