KCA Deutag UK Finance PLC, Re (In the Matter of the Companies Act 2006)

The Scheme meets all statutory and fairness requirements, was overwhelmingly approved by creditors, and is likely to be effective internationally; therefore, it is appropriate to sanction the Scheme.

Source-derived case information.

Parties: Applicant: KCA Deutag UK Finance plc
Jurisdiction: England and Wales
Judgment Date: 05 November 2020
Procedural Posture: Scheme of Arrangement / Sanction Hearing
Outcome: Scheme sanctioned
Legal Topics: Scheme of Arrangement, Debt Restructuring, Companies Act 2006, Creditor Rights

Corporate Insolvency Restructuring Scheme of Arrangement Debt Restructuring Companies Act 2006 Creditor Rights

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Full judgment text Downloadable case file Legal principles 2 Authorities cited 4 Party arguments 2 Amounts and remedies 16

Parties

KCA Deutag UK Finance plc

Applicant

Procedural Posture

Scheme of Arrangement / Sanction Hearing

Legal Issues

1 Whether the Scheme of Arrangement should be sanctioned under Part 26 of the Companies Act 2006
2 Compliance with statutory requirements for scheme sanction
3 Fair representation and bona fide voting by creditors

Ratio Decidendi

The Scheme meets all statutory and fairness requirements, was overwhelmingly approved by creditors, and is likely to be effective internationally; therefore, it is appropriate to sanction the Scheme.

Court Disposition

Scheme sanctioned

Orders

Scheme of Arrangement between KCA Deutag UK Finance plc and Scheme Creditors sanctioned under Part 26 of the Companies Act 2006

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