PlusHolding GmbH, Re

PlusHolding GmbH, Re

The revised scheme of arrangement is commercially and economically equivalent to the original, has unanimous or non-opposed creditor support, satisfies statutory and procedural requirements, does not undermine creditor assent or alter class composition, and is likely to be effective and recognised internationally. The court therefore sanctions the scheme.

Parties
Applicant: PlusHolding GmbH
Jurisdiction
England and Wales
Judgment Date
24 April 2024
Procedural Posture
Scheme of Arrangement (companies Act 2006) / Sanction Hearing and Approval of Revised Scheme
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Restructuring, Creditors' Rights
Insolvency Company Law Scheme of Arrangement Restructuring Creditors' Rights

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Parties

PlusHolding GmbH

Applicant

Procedural Posture

Scheme of Arrangement (companies Act 2006) / Sanction Hearing and Approval of Revised Scheme

Legal Issues

  1. 1 Whether the revised scheme of arrangement should be sanctioned under Part 26 of the Companies Act 2006
  2. 2 Whether the modifications to the scheme undermine creditor assent or alter class composition
  3. 3 Whether statutory requirements and procedural fairness have been met

Ratio Decidendi

The revised scheme of arrangement is commercially and economically equivalent to the original, has unanimous or non-opposed creditor support, satisfies statutory and procedural requirements, does not undermine creditor assent or alter class composition, and is likely to be effective and recognised internationally. The court therefore sanctions the scheme.

Court Disposition

Scheme sanctioned

Orders

  • The revised scheme of arrangement under Part 26 of the Companies Act 2006 is sanctioned.