Representation of Bathroom Brands Plc [2016] JRC 150 (30 August 2016)

Representation of Bathroom Brands Plc [2016] JRC 150 (30 August 2016)

The scheme of arrangement and reduction of capital were sanctioned because all statutory requirements were met, shareholder meetings were properly conducted with unanimous approval, no prejudice to creditors was established, and the arrangement was fair and reasonable to all classes of shareholders.

Citation
[2016] JRC 150
Parties
Applicant: Bathroom Brands Plc
Jurisdiction
Jersey
Judgment Date
30 August 2016
Procedural Posture
Scheme of Arrangement and Reduction of Capital / Application for Court Sanction and Confirmation
Outcome
scheme sanctioned and reduction of capital confirmed
Legal Topics
Scheme of Arrangement, Reduction of Capital, Shareholder Meetings, Creditor Protection
Company Law Scheme of Arrangement Reduction of Capital Shareholder Meetings Creditor Protection

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Parties

Bathroom Brands Plc

Applicant

Procedural Posture

Scheme of Arrangement and Reduction of Capital / Application for Court Sanction and Confirmation

Legal Issues

  1. 1 Whether the scheme of arrangement between Bathroom Brands Plc and its members should be sanctioned under Article 125 of the Companies (Jersey) Law 1991
  2. 2 Whether the reduction of share capital should be confirmed

Ratio Decidendi

The scheme of arrangement and reduction of capital were sanctioned because all statutory requirements were met, shareholder meetings were properly conducted with unanimous approval, no prejudice to creditors was established, and the arrangement was fair and reasonable to all classes of shareholders.

Court Disposition

scheme sanctioned and reduction of capital confirmed

Orders

  • Sanction of the scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991
  • Confirmation of the reduction of capital