Schemes of arrangement—key cases

Copyright © 2025 LexisNexis
Published by a LexisNexis Restructuring & Insolvency expert
Practice notes

Schemes of arrangement—key cases

Copyright © 2025 LexisNexis

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes
imgtext

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 OQ Chemicals Holding Drei GmbH [2024] EWHC 2036 (Ch) (convening hearing), [2024] All ER (D) 27 (Aug)31 July 2024Single class permitted despite various proposed amendments for a snooze provision, amendment of sacred rights and various fees.Snooze proposal: to amend the credit agreement to disregard the votes of term lenders who do not respond to a request for an amendment, consent or waiver within ten business days of the request. This disproportionately affects the rights of term lenders because the 'snooze' will not apply to any amendment, consent or waiver which requires the consent of the revolving facility lenders. The judge found that the substantive element of the right is the ability to participate
Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Schemes of arrangement definition
What does Schemes of arrangement mean?

A formal arrangement between the company and its creditors and/or its members (or a class of its creditors or members) pursuant to Part 26 of the Companies Act 2006 (CA 2006).

Read more readmore

Popular documents

Recapitalisations

RecapitalisationsThe term 'recapitalisation' refers to a company changing the proportions of its debt and equity, something which can be achieved in a variety of ways. In some cases the company undertaking a recapitalisation will be distressed and be looking to make its outstanding debt burden more

Micklefield clauses

Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

Pensions due diligence in share sales—an introduction

Pensions due diligence in share sales—an introductionTHIS PRACTICE NOTE APPLIES TO ALL PRIVATE SECTOR PENSION SCHEMESIn a share sale, the buyer purchases the issued share capital of the target company. Through this acquisition, the buyer is commercially impacted by the contracts and deeds entered