Petrofac Limited & Anor, Re

Petrofac Limited & Anor, Re

The court found sufficient notice was given to all affected creditors except unrepresented shareholders, whose interests were adequately protected by the Retailer Investor Advocate. Jurisdictional requirements under Part 26A Companies Act 2006 were satisfied. No procedural or jurisdictional roadblocks prevented convening meetings. The proposed class composition, including the Ad Hoc Group within the Senior Secured Funded Creditors, was appropriate as differences in benefits were not material and related to restructuring work. The convening order was granted as per the Plan Companies' proposals.

Parties
Applicant: Petrofac Limited; Applicant: Petrofac International (UAE) LLC; Supporting Creditor: Ad Hoc Group; Opposing Creditor: Saipem and Samsung Opposing Creditors; Opposing Creditor: Stewarts Creditors; Opposing Creditor: Fox Williams Creditors; Interested Party: Retailer Investor Advocate; Interested Party: PL Insurance Restitutionary Claimants
Jurisdiction
England and Wales
Judgment Date
04 September 2025
Procedural Posture
Insolvency Application / Convening Hearing
Outcome
Application granted
Legal Topics
Restructuring Plan, Creditor Meetings, Class Composition, Jurisdiction, Notice Requirements, Third Party Releases, Sanctions, Scheme of Arrangement
Company Law Insolvency Law Restructuring Plan Creditor Meetings Class Composition Jurisdiction Notice Requirements Third Party Releases +2 more

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 7 Authorities cited 52 Party arguments 2 Amounts and remedies 23
Sign in to unlock

Parties

Petrofac Limited

Applicant

Petrofac International (UAE) LLC

Applicant

Ad Hoc Group

Supporting Creditor

Saipem and Samsung Opposing Creditors

Opposing Creditor

Stewarts Creditors

Opposing Creditor

Fox Williams Creditors

Opposing Creditor

Retailer Investor Advocate

Interested Party

PL Insurance Restitutionary Claimants

Interested Party

Procedural Posture

Insolvency Application / Convening Hearing

Legal Issues

  1. 1 Whether sufficient notice was given to all affected creditors and members
  2. 2 Whether the court has jurisdiction to sanction the restructuring plans under Part 26A Companies Act 2006
  3. 3 Whether there are any 'roadblocks' to convening creditor meetings

Ratio Decidendi

The court found sufficient notice was given to all affected creditors except unrepresented shareholders, whose interests were adequately protected by the Retailer Investor Advocate. Jurisdictional requirements under Part 26A Companies Act 2006 were satisfied. No procedural or jurisdictional roadblocks prevented convening meetings. The proposed class composition, including the Ad Hoc Group within the Senior Secured Funded Creditors, was appropriate as differences in benefits were not material and related to restructuring work. The convening order was granted as per the Plan Companies' proposals.

Court Disposition

Application granted

Orders

  • Meetings of creditors and members convened as proposed by Plan Companies
  • Sanctioned creditors excluded from voting