PGS ASA, Re (Companies Act 2006) [2021] EWHC 222 (Ch) (02 February 2021)

PGS ASA, Re (Companies Act 2006) [2021] EWHC 222 (Ch) (02 February 2021)

The scheme of arrangement is sanctioned because it complies with statutory requirements, the class of creditors was properly constituted and fairly represented, the scheme is fair and reasonable, there is no defect or unfairness, and the scheme is likely to have substantial effect in relevant jurisdictions.

Citation
[2021] EWHC 222 (Ch)
Parties
Applicant: PGS ASA
Jurisdiction
England and Wales
Judgment Date
02 February 2021
Procedural Posture
Scheme of Arrangement Under Companies Act 2006 / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Cross Border Insolvency, Debt Restructuring, Jurisdiction, Class Constitution, Sanction of Scheme
Insolvency Law Company Law Scheme of Arrangement Cross Border Insolvency Debt Restructuring Jurisdiction Class Constitution Sanction of Scheme

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Parties

PGS ASA

Applicant

Procedural Posture

Scheme of Arrangement Under Companies Act 2006 / Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under section 899 of the Companies Act 2006 are met
  2. 2 Whether the class of creditors was properly constituted and fairly represented
  3. 3 Whether the scheme is fair and reasonable and could be approved by an intelligent and honest creditor

Ratio Decidendi

The scheme of arrangement is sanctioned because it complies with statutory requirements, the class of creditors was properly constituted and fairly represented, the scheme is fair and reasonable, there is no defect or unfairness, and the scheme is likely to have substantial effect in relevant jurisdictions.

Court Disposition

Scheme sanctioned

Orders

  • The scheme of arrangement pursuant to section 899 of the Companies Act 2006 is sanctioned.
  • Modifications to the scheme as described are approved.