England and Wales Case Law

Fossil (UK) Global Services Ltd, Re

The plan satisfies all statutory requirements, was overwhelmingly approved by a properly constituted and fairly represented single class of creditors, including retail noteholders, and provides a better outcome than the relevant alternative. There is no legal or practical blot, and the plan is likely to be recognised in the US. The court therefore sanctions the plan.

Source excerpt

• Sanction of restructuring plan
• Class composition
• Creditor voting
• Cross-border recognition
• New money provision

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Reliance National Insurance Company (Europe), Re

Reliance National Insurance Company (Europe), Re [2025] EWHC 789 (Ch) (19 March 2025)

The High Court sanctioned a Part 26 scheme for an insurance company in run-off, rejecting objections on voting, fairness, Italian law, and recognition abroad.

• Scheme of arrangement
• Creditor voting
• Cross-border recognition
• Valuation of claims
• Procedural fairness
• Scheme-of-arrangement

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Reliance National Insurance Company (Europe), Re

The Scheme was sanctioned because statutory requirements were met, Policyholders are creditors following the Part VII Transfer, the Scheme was approved by the requisite majority after independent valuation, objections lacked evidential support, and credible expert evidence showed the Scheme is likely to be recognised in Italy and Spain. The Scheme offers a materially better outcome than administration.

Source excerpt

• Scheme of arrangement
• Creditor voting
• Cross-border recognition
• Insurance claims
• Administration

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Newlon Housing Trust & Anor v Mizen Design/Build Ltd & Ors

The High Court considered challenges to a company voluntary arrangement for Mizen Design/Build Ltd, focusing on disclosure, creditor voting, and unfair prejudice.

• Company voluntary arrangement
• Material irregularity
• Unfair prejudice
• Creditor voting
• Guarantee compromise
• Company-voluntary-arrangement

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Elser v Sands & Ors

Elser v Sands & Ors [2022] EWHC 32 (Ch) (22 December 2021)

The High Court set aside an IVA chairman’s decision to admit disputed creditor votes, finding the creditor claims were not proved and the approval was invalid.

• Individual voluntary arrangement (iva)
• Material irregularity
• Creditor voting
• Proof of debt
• Chairman's duties
• Individual-voluntary-arrangement

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Richmondshire District Council v Dealmaster Ltd & Anor

Richmondshire District Council v Dealmaster Ltd & Anor [2021] EWHC 2892 (Ch) (01 November 2021)

The High Court dismissed a creditor’s challenge to a company voluntary arrangement, finding no unfair prejudice or material irregularity and holding the Hightide debt was adequately evidenced.

• Company voluntary arrangement (cva)
• Unfair prejudice
• Material irregularity
• Creditor voting
• Valuation of assets
• Company-voluntary-arrangement

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Lazari Properties 2 Ltd & Ors v New Look Retailers Ltd & Ors

The High Court upheld New Look’s CVA, rejecting landlord challenges based on jurisdiction, material irregularity, and unfair prejudice.

• Company voluntary arrangement
• Unfair prejudice
• Material irregularity
• Schemes of arrangement
• Creditor voting
• Lease modification

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Gertner & Anor v CFL Finance Ltd

The High Court allowed an appeal against refusal to stay a bankruptcy petition, holding that a second IVA proposal should go to creditors.

• Individual voluntary arrangement
• Good faith principle
• Consumer credit act
• Penalty clauses
• Creditor voting
• Discretion to stay proceedings

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Green v Group Ltd & Ors

The High Court appointed the joint administrators of the Cambridge Analytica companies as joint liquidators, rejecting objections by Professor David Carroll.

• Appointment of liquidators
• Administrator discharge
• Creditor voting
• Data subject claims
• Funding arrangements
• Duty of candour

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Lehman Brothers, Re

Lehman Brothers, Re [2018] EWHC 1854 (Ch) (18 June 2018)

The High Court sanctioned a scheme of arrangement for Lehman Brothers International (Europe) after finding the statutory requirements, class composition, and fairness tests were met.

• Scheme of arrangement
• Class composition
• Creditor voting
• Administration
• International recognition
• Scheme-of-arrangement

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