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Scheme of arrangement jurisdiction—providing for a sufficient connection

Published on: 23 February 2016
Published by: LexisPSL
  • Scheme of arrangement jurisdiction—providing for a sufficient connection
  • Original news
  • What jurisdictional issues were involved?
  • What structural changes were made to the Spanish group/debt structure prior to the application for the scheme?
  • Which factors did the judge rely on for creating a sufficient connection with England?
  • What comments did the judges at the convening and sanctioning hearings make on good/bad forum shopping?
  • What consideration was given as to the alternatives to a scheme?
  • What was the new group structure (in summary) post-restructuring?
  • Was the English scheme conditional on getting Chapter 15 recognition?
  • What are the practical lessons for practitioners involved in restructuring foreign companies and businesses?

Article summary

Restructuring & Insolvency analysis: A scheme binding creditors of Spanish finance group Codere, sanctioned in the High Court on 17 December 2015, was followed up by a Chapter 15 recognition order by the US courts. Martin Ouwehand, barrister at Radcliffe Chambers, explores the issues in Re Codere Finance (UK) Ltd. or take a trial to read the full analysis.

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