VTB Capital Plc (in administration), Re

VTB Capital Plc (in administration), Re

The court has jurisdiction to sanction a scheme of arrangement that modifies the Insolvency Rules, and the proposed class composition is appropriate as differences among creditors are not material enough to require separate classes. Notice and procedural requirements have been satisfied, and the scheme is plausible for consideration by creditors.

Parties
Applicant: Stephen Roland Browne; Applicant: David Philip Soden; Company: VTB Capital PLC (in administration)
Jurisdiction
England and Wales
Judgment Date
07 September 2024
Procedural Posture
Insolvency/companies Scheme of Arrangement / Application for Convening Order
Outcome
Order granted
Legal Topics
Scheme of Arrangement, Sanctions, Administration, Class Composition, Jurisdiction
Insolvency Law Company Law Scheme of Arrangement Sanctions Administration Class Composition Jurisdiction

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Parties

Stephen Roland Browne

Applicant

David Philip Soden

Applicant

VTB Capital PLC (in administration)

Company

Procedural Posture

Insolvency/companies Scheme of Arrangement / Application for Convening Order

Legal Issues

  1. 1 Whether the court has jurisdiction to sanction a scheme of arrangement modifying Insolvency Rules
  2. 2 Whether class composition is appropriate for the proposed scheme
  3. 3 Whether notice and procedural requirements for convening a creditors' meeting are satisfied

Ratio Decidendi

The court has jurisdiction to sanction a scheme of arrangement that modifies the Insolvency Rules, and the proposed class composition is appropriate as differences among creditors are not material enough to require separate classes. Notice and procedural requirements have been satisfied, and the scheme is plausible for consideration by creditors.

Court Disposition

Order granted

Orders

  • A meeting of one class of creditors to consider the scheme of arrangement is convened for 2 p.m. on Thursday, 5th September, 2024.