In the Matter of Haya Holdco 2 plc

In the Matter of Haya Holdco 2 plc

The court has jurisdiction to sanction the scheme as the Company is incorporated in England and the liabilities compromised are governed by English law. The Scheme Creditors should vote in a single class as their rights are sufficiently similar both in the comparator (insolvency) and under the scheme. Adequate...

Source-derived case information.

Parties
Applicant: Haya Holdco 2 plc; Respondents: Scheme Creditors
Jurisdiction
England and Wales
Judgment Date
09 May 2022
Procedural Posture
Scheme of Arrangement / Convening Hearing
Outcome
Order convening a single meeting of Scheme Creditors granted.
Legal Topics
Scheme of Arrangement, Class Composition, Jurisdiction, Debt Restructuring
Insolvency Company Law Scheme of Arrangement Class Composition Jurisdiction Debt Restructuring

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Parties

Haya Holdco 2 plc

Applicant

Scheme Creditors

Respondents

Procedural Posture

Scheme of Arrangement / Convening Hearing

Legal Issues

  1. 1 Whether the court has jurisdiction to sanction the scheme
  2. 2 Whether the Scheme Creditors should vote in a single class
  3. 3 Adequacy of notice to creditors

Ratio Decidendi

The court has jurisdiction to sanction the scheme as the Company is incorporated in England and the liabilities compromised are governed by English law. The Scheme Creditors should vote in a single class as their rights are sufficiently similar both in the comparator (insolvency) and under the scheme. Adequate notice was given and no material class issues arise from differences in interest rates, consent payments, advisers' fees, work fees, nomination rights, or information access.

Court Disposition

Order convening a single meeting of Scheme Creditors granted.

Orders

  • Scheme Meeting to be convened in accordance with the draft order provided.
  • Directions as to summoning and conduct of the Scheme Meeting approved.