Revolution Bars Ltd, In the Matter Of (Re Companies Act 2006) [2024] EWHC 2949 (Ch) (08 August 2024)

Revolution Bars Ltd, In the Matter Of (Re Companies Act 2006) [2024] EWHC 2949 (Ch) (08 August 2024)

The plan meets the statutory requirements for sanction under Part 26A Companies Act 2006. The relevant alternative is administration, and all dissenting classes are no worse off under the plan than in that alternative. The plan is fair, reasonable, and not unfairly prejudicial. No creditor has objected, and the plan is sanctioned.

Citation
[2024] EWHC 2949 (Ch)
Parties
Applicant: Revolution Bars Limited
Jurisdiction
England and Wales
Judgment Date
08 August 2024
Procedural Posture
Restructuring Plan Sanction Application / Sanction Hearing Under Part 26 a Companies Act 2006
Outcome
Plan sanctioned
Legal Topics
Restructuring Plan, Cross Class Cram Down, Sanction of Arrangement, Relevant Alternative, Class Constitution, Fairness of Restructuring, Companies Act 2006 Part 26 a
Insolvency Company Law Restructuring Plan Cross Class Cram Down Sanction of Arrangement Relevant Alternative Class Constitution Fairness of Restructuring +1 more

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Parties

Revolution Bars Limited

Applicant

Procedural Posture

Restructuring Plan Sanction Application / Sanction Hearing Under Part 26 a Companies Act 2006

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a restructuring plan under Part 26A Companies Act 2006 are met
  2. 2 Whether the cross-class cram down conditions under s901G are satisfied
  3. 3 Whether the plan is fair and not unfairly prejudicial to dissenting classes

Ratio Decidendi

The plan meets the statutory requirements for sanction under Part 26A Companies Act 2006. The relevant alternative is administration, and all dissenting classes are no worse off under the plan than in that alternative. The plan is fair, reasonable, and not unfairly prejudicial. No creditor has objected, and the plan is sanctioned.

Court Disposition

Plan sanctioned

Orders

  • The restructuring plan under Part 26A Companies Act 2006 is sanctioned as proposed by Revolution Bars Limited.