Provident SPV Ltd, Re

Provident SPV Ltd, Re

A single class meeting of scheme creditors may be convened as all creditors are offered the same commercial deal, no material dissimilarity exists to fracture the class, notice and arrangements are adequate, and no legal or technical roadblock prevents convening the meeting.

Parties
Claimant: Provident SPV Limited; Respondent: Financial Conduct Authority; Independent Customer Advocate: Jonathan Yorke
Jurisdiction
England and Wales
Judgment Date
22 April 2021
Procedural Posture
Scheme of Arrangement / Application for Order Convening Scheme Meeting
Outcome
Order for convening a single scheme meeting granted.
Legal Topics
Scheme of Arrangement, Class Composition, Creditor Rights, Fairness Assessment, Notice Requirements
Company Law Insolvency Law Financial Regulation Scheme of Arrangement Class Composition Creditor Rights Fairness Assessment Notice Requirements

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Parties

Provident SPV Limited

Claimant

Financial Conduct Authority

Respondent

Jonathan Yorke

Independent Customer Advocate

Procedural Posture

Scheme of Arrangement / Application for Order Convening Scheme Meeting

Legal Issues

  1. 1 Whether adequate notice of the convening hearing was given
  2. 2 Whether jurisdiction exists for the scheme under Companies Act 2006
  3. 3 Whether class composition requires fracturing

Ratio Decidendi

A single class meeting of scheme creditors may be convened as all creditors are offered the same commercial deal, no material dissimilarity exists to fracture the class, notice and arrangements are adequate, and no legal or technical roadblock prevents convening the meeting.

Court Disposition

Order for convening a single scheme meeting granted.

Orders

  • A single meeting of scheme creditors to be convened in the form set out in the draft order.