PGS ASA, Re (Companies Act 2006)

PGS ASA, Re (Companies Act 2006)

The Scheme meets all statutory and jurisdictional requirements, was overwhelmingly approved by creditors, is fair and reasonable, contains no defect, and will have substantial effect in relevant jurisdictions. Modifications do not materially affect creditors.

Parties
Applicant: PGS ASA; Respondent: Scheme creditors
Jurisdiction
England and Wales
Judgment Date
02 February 2021
Procedural Posture
Scheme of Arrangement / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Creditor Restructuring, Jurisdiction, Sanction Requirements
Insolvency Company Law Scheme of Arrangement Creditor Restructuring Jurisdiction Sanction Requirements

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Parties

PGS ASA

Applicant

Scheme creditors

Respondent

Procedural Posture

Scheme of Arrangement / Sanction Hearing

Legal Issues

  1. 1 Whether the Scheme constitutes a compromise or arrangement under Part 26 of the Companies Act 2006
  2. 2 Whether the court has jurisdiction over a foreign company and scheme creditors
  3. 3 Whether statutory requirements for convening and holding the meeting were met

Ratio Decidendi

The Scheme meets all statutory and jurisdictional requirements, was overwhelmingly approved by creditors, is fair and reasonable, contains no defect, and will have substantial effect in relevant jurisdictions. Modifications do not materially affect creditors.

Court Disposition

Scheme sanctioned

Orders

  • Scheme of arrangement sanctioned pursuant to section 899 of the Companies Act 2006
  • Modifications to the Scheme approved as proper