England and Wales Case Law

Galapagos Bidco S.A.R.L v Dr Frank Kebekus & Ors

The releases and restructuring were effective and complied with the ICA. The proceeds of the sale were in cash or substantially in cash, as set-off is equivalent to cash payment. The releases of Primary Creditors’ claims were unconditional and concurrent. Even if strict compliance with clause 17.4(c) were required, the holders of the HYNs were out of the money as at 9 October 2019, so compliance was unnecessary. The Financial Advisers’ Opinion was valid and conclusive for the Enforcement Objective. Signal’s counterclaim failed.

Source excerpt

• Intercreditor agreements
• Financial restructuring
• Release of security
• Subordination of debt
• Declaratory relief

Read case analysis

Vue International Bidco Plc, Re

Vue International Bidco Plc, Re [2022] EWHC 2681 (Ch) (27 July 2022)

The High Court granted a convening order for a scheme of arrangement, holding there was jurisdiction, adequate notice, and a single creditor class.

• Schemes of arrangement
• Class composition
• Notice requirements
• Jurisdiction
• Financial restructuring
• Schemes-of-arrangement

Read case analysis

Haya Holco 2 Plc, Re

Haya Holco 2 Plc, Re [2022] EWHC 1079 (Ch) (09 May 2022)

The High Court granted permission to convene a single creditor meeting for Haya Holco 2 plc’s Part 26 scheme of arrangement restructuring its senior secured notes.

• Scheme of arrangement
• Class composition
• Jurisdiction
• Creditor rights
• Financial restructuring
• Scheme-of-arrangement

Read case analysis

In the Matter of An Application for Directions By Golden Belt 1 Sukuk Company B.S.C. (C) & Anor

In the Matter of An Application for Directions By Golden Belt 1 Sukuk Company B.S.C. (C) & Anor [2021] EWHC 2629 (Ch) (30 September 2021)

The court held that trustees under a sukuk trust deed had power to settle claims and to vote for a restructuring proposal even if recovery was less than the English judgment amount.

• Trustee powers
• Sukuk structure
• Settlement agreements
• Financial restructuring
• Certificateholder rights
• Trustee-powers

Read case analysis

PGS ASA, Re

PGS ASA, Re [2020] EWHC 3622 (Ch) (21 December 2020)

The High Court convened a creditor meeting for PGS ASA’s scheme of arrangement, finding a single class, no jurisdictional roadblocks, and approving virtual meeting directions.

• Scheme of arrangement
• Creditor meeting
• Jurisdiction
• Class composition
• Financial restructuring
• Scheme-of-arrangement

Read case analysis

New Look Financing PLC, Re

The High Court ordered a single meeting of Scheme Creditors for New Look Financing plc’s proposed scheme of arrangement as part of a wider financial restructuring.

• Scheme of arrangement
• Financial restructuring
• Class composition
• Jurisdiction
• Creditors' meetings
• Scheme-of-arrangement

Read case analysis

New Look Financing PLC, Re

New Look Financing PLC, Re [2020] EWHC 2793 (Ch) (23 September 2020)

The High Court convened a single creditor meeting for New Look Financing plc’s scheme of arrangement, finding one class, adequate notice, and no jurisdictional roadblocks.

• Scheme of arrangement
• Financial restructuring
• Class composition
• Jurisdiction
• Creditor notification
• Scheme-of-arrangement

Read case analysis

DTEK Finance BV, Re

DTEK Finance BV, Re [2015] EWHC 1164 (Ch) (28 April 2015)

The High Court sanctioned DTEK Finance B.V.’s scheme of arrangement for noteholders, finding English jurisdiction, class constitution, and statutory requirements were satisfied.

• Scheme of arrangement
• Jurisdiction
• Financial restructuring
• Creditor meetings
• Statutory requirements
• Scheme-of-arrangement

Read case analysis