Cortefiel, SA v Mep 11.S.A.R.L.

Cortefiel, SA v Mep 11.S.A.R.L.

The court has jurisdiction to entertain the scheme of arrangement for both companies due to their sufficient connection with England and Wales, and the proposed creditor classes are properly constituted as their rights under the scheme are sufficiently similar to allow consultation in their common interest.

Parties
Claimant: Cortefiel, SA; Defendant: MEP 11. S.a.r.l.
Jurisdiction
England and Wales
Judgment Date
27 September 2012
Procedural Posture
Scheme of Arrangement Application / Application for Leave to Convene Class Meetings
Outcome
Order granted
Legal Topics
Scheme of Arrangement, Class Constitution, Jurisdiction, Banking Covenants, Debt Restructuring
Insolvency Company Law Scheme of Arrangement Class Constitution Jurisdiction Banking Covenants Debt Restructuring

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Parties

Cortefiel, SA

Claimant

MEP 11. S.a.r.l.

Defendant

Procedural Posture

Scheme of Arrangement Application / Application for Leave to Convene Class Meetings

Legal Issues

  1. 1 Whether the English court has jurisdiction to sanction a scheme of arrangement for foreign companies
  2. 2 Whether the proposed creditor classes are properly constituted for the purposes of the scheme of arrangement

Ratio Decidendi

The court has jurisdiction to entertain the scheme of arrangement for both companies due to their sufficient connection with England and Wales, and the proposed creditor classes are properly constituted as their rights under the scheme are sufficiently similar to allow consultation in their common interest.

Court Disposition

Order granted

Orders

  • Leave granted to convene class meetings as proposed for the scheme of arrangement.