- Retail industry financial restructuring during the Covid19 pandemic (Re New Look Financing plc)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Restructuring & Insolvency analysis: This application was made under section 896(1) of the Companies Act 2006 (CA 2006) primarily for an order to convene meetings of creditors for the purpose of considering proposals for a scheme of arrangement. The court confirmed its function at the convening stage that, it was categorically not to consider the merits or fairness of the proposed scheme, but should consider a number of issues such as notification, voting (double counting), class composition, jurisdiction, and timing and conduct of the meeting held via a webinar. The company also sought a special order to restrict access to the court file, and a court declaration in respect of the appointed foreign representative to act in Chapter 15 proceedings in the US Bankruptcy Court. Written by Cecilia Xu Lindsey, barrister, arbitrator at 9 Stone Buildings.
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