In The Matter Of Hilding Anders International AB

In The Matter Of Hilding Anders International AB

The court granted the convening order because the proposed schemes constitute a compromise or arrangement, the English court has jurisdiction over the foreign companies due to the governing law and jurisdiction clauses, and the proposed class composition is justified as all relevant differences between creditors do not fracture the classes for voting purposes.

Parties
Applicant: Hilding Anders International AB; Applicant: Hilding Anders Lux Holdings S.à r.l.
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Insolvency/companies Scheme of Arrangement / Application for Convening Order
Outcome
Convening order granted
Legal Topics
Schemes of Arrangement, Class Composition, Jurisdiction Under Companies Act 2006, Cross Border Insolvency
Insolvency Law Company Law Schemes of Arrangement Class Composition Jurisdiction Under Companies Act 2006 Cross Border Insolvency

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Parties

Hilding Anders International AB

Applicant

Hilding Anders Lux Holdings S.à r.l.

Applicant

Procedural Posture

Insolvency/companies Scheme of Arrangement / Application for Convening Order

Legal Issues

  1. 1 Whether to grant a convening order for meetings of scheme creditors under Part 26 Companies Act 2006
  2. 2 Whether the proposed creditor classes are appropriate or fractured by differing rights/benefits
  3. 3 Whether the English court has jurisdiction over foreign companies for the purposes of a scheme of arrangement

Ratio Decidendi

The court granted the convening order because the proposed schemes constitute a compromise or arrangement, the English court has jurisdiction over the foreign companies due to the governing law and jurisdiction clauses, and the proposed class composition is justified as all relevant differences between creditors do not fracture the classes for voting purposes.

Court Disposition

Convening order granted

Orders

  • Meetings of SFA Scheme Creditors and NPA Scheme Creditors to be convened to consider and, if thought fit, approve the proposed Schemes of Arrangement.
  • Directions for the conduct of the Scheme Meetings given.