Schemes of arrangement—key cases

The following Restructuring & Insolvency practice 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

Schemes of arrangement—key cases

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. Scheme meeting/voting and cram-down

  5. Convening hearing/sanction hearing issues

Class issues

Names of partiesJudgment date Case summaryRelevant content
Re MAB Leasing Ltd [2021] EWHC 152 (Ch)20 January 2021The High Court approved an application for the convening of a single scheme meeting of certain of MAB Leasing Ltd’s (MABL) aircraft lessors. Mr Justice Zacaroli held that in the circumstances it was entirely appropriate that lessors meet as a single class, and although their individual leased assets may be unique and the effect of the scheme on their rights against the company different, this did not prevent the lessors from being able to consult together with a view to their common interest.Checklist: Checklist of factors which may (and may not) fracture the class in a scheme of arrangement or restructuring plan and News Analysis: Lease obligations—class composition and schemes of arrangement (Re MAB Leasing)
Re Codere Finance 2 (UK) Ltd [2020] EWHC 2441 (Ch)14 September 2020Mrs Justice Falk held that a single meeting of scheme creditors should be convened despite the objection from Kyma Capital that the members of an ad hoc committee

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