NN2 Newco Ltd, Re Companies Act 2006

NN2 Newco Ltd, Re Companies Act 2006

The scheme of arrangement satisfies all statutory requirements, was overwhelmingly approved by creditors, is fair and reasonable, and no objection or irregularity prevents its sanction. The objection by COMIMET does not raise any issue of oppression or fundamental unfairness.

Parties
Applicant: NN2 Newco Limited
Jurisdiction
England and Wales
Judgment Date
26 July 2019
Procedural Posture
Scheme of Arrangement (companies Act 2006) / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Debt Restructuring, Sanction Hearing, Class Representation, Cross Border Insolvency
Company Law Insolvency Law Scheme of Arrangement Debt Restructuring Sanction Hearing Class Representation Cross Border Insolvency

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 3 Party arguments 2 Amounts and remedies 9
Sign in to unlock

Parties

NN2 Newco Limited

Applicant

Procedural Posture

Scheme of Arrangement (companies Act 2006) / Sanction Hearing

Legal Issues

  1. 1 Whether the scheme of arrangement meets the statutory requirements under Part 26 of the Companies Act 2006
  2. 2 Whether the meetings were properly constituted and the classes fairly represented
  3. 3 Whether the scheme is fair and reasonable to creditors

Ratio Decidendi

The scheme of arrangement satisfies all statutory requirements, was overwhelmingly approved by creditors, is fair and reasonable, and no objection or irregularity prevents its sanction. The objection by COMIMET does not raise any issue of oppression or fundamental unfairness.

Court Disposition

Scheme sanctioned

Orders

  • The scheme of arrangement is sanctioned as sought.