Schemes of arrangement—key cases
Schemes of arrangement—key cases

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Schemes of arrangement—key cases
  • Class issues
  • Jurisdiction/sufficient connection issues
  • Valuation issues
  • Voting and cram-down
  • Convening hearing/sanction hearing issues

This Practice Note sets out certain key cases and associated relevant content in relation to schemes of arrangement. The cases are divided by topic area and include:

  1. Class issues

  2. Jurisdiction/sufficient connection issues

  3. Valuation issues

  4. Voting and cram-down

  5. Convening hearing/sanction hearing issues

Class issues

Names of parties Judgment date Case summary Relevant content
Re Instant Cash Loans Ltd [2019] EWHC 2329 (Ch)(convening hearing)Re Instant Cash Loans Ltd [2019] EWHC 2795 (Ch)(sanction hearing) 9 August 2019 (convening hearing)

8 October 2019 (sanction hearing)
The fact that some creditors had redress claims that were concluded earlier did not create a separate class. Further, although it was correct to have separate classes for (i) redress creditors and (ii) non-redress creditors, there was no need for further sub-division within the redress creditors.
Different treatment imposed on landlords (provisions for surrender of leases and reduction of the landlords’ claim to nil being replaced with such amount as they would be entitled to on a claim for damages if the leases were disclaimed in a liquidation) did not require landlords to be placed in a separate class