Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
On 11th September 2019 the English High Court sanctioned two schemes of arrangement which are integral to the restructure of Syncreon, a US-headquartered global logistics business. This decision, the first where a US-headquartered group has openly favoured an English scheme of arrangement over Chapter 11 proceedings, could lead to more US companies seeking to use the English courts and statutory provisions to restructure their financial liabilities as an alternative to Chapter 11 proceedings. Simon Thomas and Oonagh Steel (Nee Kenneally) of Goodwin Procter LLP take a detailed look at this case.
Re Syncreon Group BV  EWHC 2412 (Ch),  All ER (D) 38 (Sep)
A Scheme of Arrangement (Scheme) is an English statutory procedure set out in Part 26 of the Companies Act 2006 which enables a company to implement a compromise or arrangement with any of its members or creditors (or any class of the same). It requires a requisite number of affected members or creditors to vote in favour of the Scheme and two court hearings, the second of which is for the Scheme to be approved by the court. Once approved, the Scheme becomes effective and binding on all creditors and members. It is not, strictly speaking, an insolvency proceeding as the process emanates from the Companies Act 2006 (which is not within the UK’s insolvency legislation) but is commonly used by companies to restructure existing liabilities.
The advantages of the English law Scheme are that:
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234