Pizzaexpress Financing 2 Plc, Re [2020] EWHC 2873 (Ch) (30 September 2020)

Pizzaexpress Financing 2 Plc, Re [2020] EWHC 2873 (Ch) (30 September 2020)

The court has jurisdiction to convene meetings for the restructuring plan under Part 26A Companies Act 2006, the applicant company faces financial distress, the plan constitutes a compromise or arrangement, creditor classes are properly constituted, notification and explanatory statement are adequate, and no blots or roadblocks prevent convening meetings.

Citation
[2020] EWHC 2873 (Ch)
Parties
Applicant: PizzaExpress Financing 2 PLC; Respondent: Ad Hoc Group
Jurisdiction
England and Wales
Judgment Date
30 September 2020
Procedural Posture
Restructuring Plan Convening Hearing / Convening Hearing
Outcome
order granted
Legal Topics
Restructuring Plan, Creditor Class Constitution, Debt for Equity Swap, Cross Border Recognition
Insolvency Company Law Restructuring Plan Creditor Class Constitution Debt for Equity Swap Cross Border Recognition

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Parties

PizzaExpress Financing 2 PLC

Applicant

Ad Hoc Group

Respondent

Procedural Posture

Restructuring Plan Convening Hearing / Convening Hearing

Legal Issues

  1. 1 jurisdiction under Part 26A Companies Act 2006
  2. 2 financial difficulties affecting going concern
  3. 3 compromise or arrangement with creditors

Ratio Decidendi

The court has jurisdiction to convene meetings for the restructuring plan under Part 26A Companies Act 2006, the applicant company faces financial distress, the plan constitutes a compromise or arrangement, creditor classes are properly constituted, notification and explanatory statement are adequate, and no blots or roadblocks prevent convening meetings.

Court Disposition

order granted

Orders

  • Order for convening meetings of Plan Member, Existing SSN holders, and SUN holders to consider restructuring plan.
  • Order under CPR 5.4D(2) requiring Plan Company to be notified of any request to inspect court file.