Pizzaexpress Financing 2 Plc, Re

Pizzaexpress Financing 2 Plc, Re

The court has jurisdiction to convene meetings under Part 26A as the applicant is a qualifying company in financial distress, the plan is a compromise to mitigate such distress, and the proposed classes are properly constituted. Notice and explanatory statement are adequate. No blots or roadblocks prevent convening meetings.

Parties
Applicant/plan Company: Pizza Express Financing 2 plc; Respondent/objector: Ad Hoc Group (of creditors)
Jurisdiction
England and Wales
Judgment Date
30 September 2020
Procedural Posture
Insolvency/restructuring Plan Convening Hearing / Convening Hearing (pre Sanction)
Outcome
Order granted to convene meetings of the proposed classes to consider the restructuring plan.
Legal Topics
Restructuring Plan, Creditor Meetings, Class Constitution, Cross Border Insolvency, COVID 19 Business Impact
Insolvency Company Law Restructuring Plan Creditor Meetings Class Constitution Cross Border Insolvency COVID 19 Business Impact

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Parties

Pizza Express Financing 2 plc

Applicant/plan Company

Ad Hoc Group (of creditors)

Respondent/objector

Procedural Posture

Insolvency/restructuring Plan Convening Hearing / Convening Hearing (pre Sanction)

Legal Issues

  1. 1 Does the court have jurisdiction to convene meetings under Part 26A Companies Act 2006?
  2. 2 Are the proposed creditor/member classes properly constituted?
  3. 3 Is notice and explanatory material adequate?

Ratio Decidendi

The court has jurisdiction to convene meetings under Part 26A as the applicant is a qualifying company in financial distress, the plan is a compromise to mitigate such distress, and the proposed classes are properly constituted. Notice and explanatory statement are adequate. No blots or roadblocks prevent convening meetings.

Court Disposition

Order granted to convene meetings of the proposed classes to consider the restructuring plan.

Orders

  • Meetings of Plan Member, Existing SSN holders, and SUN holders to be convened as proposed.
  • Order under CPR 5.4D(2) requiring notice to Plan Company of any request to inspect the court file.