Lodgewood Engineering Ltd & Companies Act 2014 [2016] IEHC 51 (28 January 2016)
The scheme is not unfairly prejudicial to any creditor, reflects the legal priorities of creditor classes, and offers a reasonable prospect of survival for the company. The bank's support and restructuring commitment are sufficient to approve the scheme.
- Citation
- [2016] IEHC 51
- Parties
- Company: Lodgewood Engineering Limited; Objecting Creditor: Revenue Commissioners; Objecting Creditor: Carlow Hire and Sales Limited; Secured Creditor: AIB
- Jurisdiction
- Ireland
- Judgment Date
- 28 January 2016
- Procedural Posture
- Examinership Confirmation / Judgment on Examiner's Scheme Approval
- Outcome
- scheme approved
- Legal Topics
- Examinership, Scheme of Arrangement, Creditor Rights, Companies Act 2014
Case Brief
Summary, issues, holding and outcome
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Parties
Lodgewood Engineering Limited
Company
Revenue Commissioners
Objecting Creditor
Carlow Hire and Sales Limited
Objecting Creditor
AIB
Secured Creditor
Procedural Posture
Examinership Confirmation / Judgment on Examiner's Scheme Approval
Legal Issues
- 1 Whether the proposed scheme of arrangement is unfairly prejudicial to any creditor
- 2 Whether the scheme offers a reasonable prospect of survival for the company
Ratio Decidendi
The scheme is not unfairly prejudicial to any creditor, reflects the legal priorities of creditor classes, and offers a reasonable prospect of survival for the company. The bank's support and restructuring commitment are sufficient to approve the scheme.
Court Disposition
scheme approved
Orders
- Modified scheme of arrangement confirmed under Companies Act 2014
Full Case Text
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