Arctic Aviation Assets Designated Activity Company & ors v The Companies Act 2014 (Approved) [2020] IEHC 664 (16 December 2020)

Arctic Aviation Assets Designated Activity Company & ors v The Companies Act 2014 (Approved) [2020] IEHC 664 (16 December 2020)

The petitioners and NAS have a reasonable prospect of survival as a going concern if granted court protection and allowed to restructure; the High Court of Ireland has jurisdiction to appoint an examiner to NAS as a related company due to sufficient connection; examinership proceedings and scheme of arrangement are likely to be recognised in England and Norway, facilitating effective restructuring.

Citation
[2020] IEHC 664
Parties
Petitioner: Arctic Aviation Assets Designated Activity Company; Petitioner: Norwegian Air International Limited; Petitioner: Drammensfjorden Leasing Limited; Petitioner: Torskefjorden Leasing Limited; Petitioner: Lysakerfjorden Leasing Limited; Related Company: Norwegian Air Shuttle ASA; Creditor: Revenue Commissioners; Creditor: Rolls Royce; Creditor: Airbus S.A.S.; Creditor: Aviation Capital Group
Jurisdiction
Ireland
Judgment Date
16 December 2020
Procedural Posture
Examinership Petition / Judgment on Appointment of Examiner
Outcome
Examiner appointed to petitioners and NAS; court protection granted.
Legal Topics
Examinership, Scheme of Arrangement, Related Company Jurisdiction, Recognition of Foreign Insolvency Proceedings, COVID 19 Impact on Aviation, Asset Management, Debt Restructuring
Insolvency Company Law Cross Border Insolvency Examinership Scheme of Arrangement Related Company Jurisdiction Recognition of Foreign Insolvency Proceedings COVID 19 Impact on Aviation +2 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 12 Party arguments 2 Amounts and remedies 35
Sign in to unlock

Parties

Arctic Aviation Assets Designated Activity Company

Petitioner

Norwegian Air International Limited

Petitioner

Drammensfjorden Leasing Limited

Petitioner

Torskefjorden Leasing Limited

Petitioner

Lysakerfjorden Leasing Limited

Petitioner

Norwegian Air Shuttle ASA

Related Company

Revenue Commissioners

Creditor

Rolls Royce

Creditor

Airbus S.A.S.

Creditor

Aviation Capital Group

Creditor

Procedural Posture

Examinership Petition / Judgment on Appointment of Examiner

Legal Issues

  1. 1 Whether the petitioners and NAS have a reasonable prospect of survival as a going concern under examinership
  2. 2 Whether the High Court of Ireland has jurisdiction to appoint an examiner to NAS as a related company under Companies Act 2014
  3. 3 Whether the examinership proceedings and scheme of arrangement will be recognised in Norway and England

Ratio Decidendi

The petitioners and NAS have a reasonable prospect of survival as a going concern if granted court protection and allowed to restructure; the High Court of Ireland has jurisdiction to appoint an examiner to NAS as a related company due to sufficient connection; examinership proceedings and scheme of arrangement are likely to be recognised in England and Norway, facilitating effective restructuring.

Court Disposition

Examiner appointed to petitioners and NAS; court protection granted.

Orders

  • Kieran Wallace of KPMG appointed as examiner to all companies on interim and confirmed basis.
  • Companies granted protection period under examinership.