- Schemes of arrangement—the end of the numerosity test?
- Original news
- Impact on debt restructurings
Restructuring & Insolvency analysis: The High Court held in Re Dee Valley Group PLC that a Chairperson of a shareholder scheme meeting may reject votes cast against a scheme of arrangement in circumstances where the shares were acquired through an artificial share-splitting exercise designed to frustrate the scheme. Catherine Balmond, Craig Montgomery , Priyanka Usmani and Katharina Crinson of Freshfields Bruckhaus Deringer consider the impact of the first English case to consider this issue. While it arose in the context of a shareholder scheme, the impact is also significant for debt restructurings implemented by way of a creditor scheme of arrangement.
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