Virgin Atlantic Airways Ltd, Re

Virgin Atlantic Airways Ltd, Re

The Company satisfies the statutory conditions for convening meetings under s.901C Companies Act 2006. The proposed creditor classes are properly constituted based on legal rights. Adequate notice has been given to all affected creditors, including Trade Plan Creditors. The court has jurisdiction to convene the meetings, including over creditors domiciled outside England, under Article 8 of the Recast Judgments Regulation. The application to convene meetings is granted.

Parties
Applicant: Virgin Atlantic Airways Limited
Jurisdiction
England and Wales
Judgment Date
04 August 2020
Procedural Posture
Insolvency/restructuring Application / Application for Order to Convene Creditors' Meetings
Outcome
Application granted
Legal Topics
Restructuring Plan, Creditors' Meetings, Class Constitution, Jurisdiction, COVID 19 Impact
Insolvency Law Company Law Restructuring Plan Creditors' Meetings Class Constitution Jurisdiction COVID 19 Impact

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Parties

Virgin Atlantic Airways Limited

Applicant

Procedural Posture

Insolvency/restructuring Application / Application for Order to Convene Creditors' Meetings

Legal Issues

  1. 1 Whether the statutory conditions for convening meetings under s.901C Companies Act 2006 are met
  2. 2 Whether the proposed classes of creditors are properly constituted
  3. 3 Whether adequate notice has been given to creditors, especially Trade Plan Creditors

Ratio Decidendi

The Company satisfies the statutory conditions for convening meetings under s.901C Companies Act 2006. The proposed creditor classes are properly constituted based on legal rights. Adequate notice has been given to all affected creditors, including Trade Plan Creditors. The court has jurisdiction to convene the meetings, including over creditors domiciled outside England, under Article 8 of the Recast Judgments Regulation. The application to convene meetings is granted.

Court Disposition

Application granted

Orders

  • Order to convene meetings of the four classes of Plan Creditors on 25 August 2020 for the purpose of considering and, if thought fit, approving the Restructuring Plan.
  • Order that meetings may be held virtually.