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England and Wales decisions
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Argo Blockchain PLC, In the Matter Of [2025] EWHC 3395 (Ch) (23 December 2025)
The High Court sanctioned Argo Blockchain plc’s restructuring plan under Part 26A, applying cross-class cram down after treating the noteholder meeting issue as fatal in strict law.
The Plan Company’s restructuring plan is sanctioned because it meets statutory requirements, provides a fair allocation of burdens and benefits, no class is worse off than in the relevant alternative, and the Plan is not unworkable or improper. The court is satisfied that cross-class cramdown conditions are met and the Plan will be effective in relevant jurisdictions.
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The restructuring plans for Ambatovy Minerals Société Anonyme and Dynatec Madagascar Société Anonyme satisfy all statutory and jurisdictional requirements under Part 26A CA 2006, including the cross-class cram down provisions. The relevant alternative is insolvent liquidation, in which only the Super Senior Lenders would recover. The plans are fair, provide adequate 'give and take', and are not contrived or abusive. The court has jurisdiction and there is a reasonable prospect of recognition in Madagascar. The plans are sanctioned, including the cross-class cram down of the dissenting Recover…
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The statutory criteria for sanctioning the scheme of arrangement, reduction of capital, and re-registration have been satisfied; the scheme is fair, reasonable, and free of legal defects; the reduction and re-registration are properly explained, equitable, and do not prejudice creditors.
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Diversified Energy Company Plc, Re [2025] EWHC 3081 (Ch) (21 November 2025)
The High Court sanctioned a scheme to re-domicile Diversified Energy Company plc to Delaware, confirmed a capital reduction, and authorised re-registration as a private company.
Argo Blockchain PLC, In the Matter Of [2025] EWHC 2951 (Ch) (06 November 2025)
The High Court ordered meetings to be convened on Argo Blockchain plc’s Part 26A restructuring plan, finding jurisdiction, class constitution, notice, and no present roadblock.
The High Court sanctioned Nurtur. Group Limited’s Part 26 scheme of arrangement for a share acquisition by Bidco backed by Growth Capital Partners LLP.
The scheme of arrangement was sanctioned because all statutory requirements were met, the shareholder class was fairly represented, the scheme was reasonable and advantageous to shareholders, and there was no legal defect or objection.
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The restructuring plan meets statutory requirements, was approved by requisite creditor majorities with fair representation, provides better returns than insolvency alternatives, and is rational for creditors; therefore, the plan is sanctioned.
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The court found sufficient notice was given to all affected creditors except unrepresented shareholders, whose interests were adequately protected by the Retailer Investor Advocate. Jurisdictional requirements under Part 26A Companies Act 2006 were satisfied. No procedural or jurisdictional roadblocks prevented convening meetings. The proposed class composition, including the Ad Hoc Group within the Senior Secured Funded Creditors, was appropriate as differences in benefits were not material and related to restructuring work. The convening order was granted as per the Plan Companies' proposal…
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