Scheme of Arrangement in UK Law

Leading Cases
  • Re Hawk Insurance Company Ltd
    • Court of Appeal (Civil Division)
    • 23 Fevereiro 2001

    In each case the answer to that question will depend upon analysis (i) of the rights which are to be released or varied under the scheme and (ii) of the new rights (if any) which the scheme gives, by way of compromise or arrangement, to those whose rights are to be released or varied.

  • Re Lehman Brothers International (Europe), Lomas v Rab Market Cycles (Master) Fund Ltd)
    • Court of Appeal (Civil Division)
    • 06 Novembro 2009

    It seems to me that an arrangement between a company and its creditors must mean an arrangement which deals with their rights inter se as debtor and creditor. That formulation does not prevent the inclusion in the Scheme of the release of contractual rights or rights of action against related third parties necessary in order to give effect to the arrangement proposed for the disposition of the debts and liabilities of the company to its own creditors.

  • SISU Capital Fund Ltd v Tucker
    • Chancery Division
    • 09 Setembro 2005

    There is, in any case, a material difference between the two processes. In relation to a scheme of arrangement, there needs to be approval from each voting class. Accordingly, a separate class can block a scheme of which it does not approve even though the overall scheme may fall within the range of reasonable proposals which that class could adopt without unfairness to any particular member of that class. In contrast, a CVA is determined by a single vote of all creditors.

  • Re T & N Ltd and Others (No 3)
    • Chancery Division
    • 16 Junho 2006

    Nor is an arrangement necessarily outside the section, because its effect is to alter the rights of creditors against another party or because such alteration could be achieved by a scheme of arrangement with that other party.

  • Johnson and Another v Davies and Another
    • Court of Appeal (Civil Division)
    • 18 Março 1998

    The consequence, as it seems to me, is that the legislature must be taken to have intended that both the question whether the debtor is discharged by the arrangement and the question whether co-debtors and sureties are discharged by the arrangement were to be answered by treating the arrangement as consensual; that is to say, by construing its terms as if they were the terms of a consensual agreement between the debtor and all those creditors who, under the statutory hypothesis, must be treated as being consenting parties.

  • Van Gansewinkel Groep B.v, and Others (Applicants)
    • Chancery Division
    • 22 Julho 2015

    In circumstances such as these, there is a considerable commercial imperative, and indeed pressure, upon the court to approve a scheme of arrangement. It should be emphasised, however, that even where the scheme in question has the support of an overwhelming majority of the creditors who are to be subject to it, the court does not act as a rubber stamp.

  • Cambridge Gas Transport Corporation v Official Committee of Unsecured Creditors of Navigator Holdings Plc and Others
    • Privy Council
    • 16 Maio 2006

    But as between the shareholder and the company itself, the shareholder's rights may be varied or extinguished by the mechanisms provided by the articles of association or the Companies Act. One of those mechanisms is the scheme of arrangement under section 152. As a shareholder, Cambridge is bound by the transactions into which the company has entered, including a plan under Chapter 11 or a scheme under section 152.

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Legislation
  • Bankruptcy (Scotland) Act 2016
    • Scotland
    • 1 de Enero de 2016
    ... ... in relation to England and Wales—(i) an individual voluntary arrangement or bankruptcy order under the Insolvency Act 1986,(ii) an administration ... having the meaning given by regulation 2(1) of the Debt Arrangement Scheme (Scotland) Regulations 2011 (S.S.I. 2011/141) ) ... (2) On awarding ... ...
  • Bankruptcy Act 1883
    • UK Non-devolved
    • 1 de Enero de 1883
    ... ... purpose of considering whether a proposal for a composition or ... scheme of arrangement shall be entertained, or whether it is expedient ... that ... ...
  • Bankruptcy Act 1914
    • UK Non-devolved
    • 1 de Enero de 1914
    ... ... partners, or an agent or manager, ... nor, where a deed of arrangement has been executed, shall a ... creditor be entitled to present a ... or scheme of arrangement shall be accepted, or whether it is ... expedient that the ... ...
  • Bankruptcy Act 1869
    • UK Non-devolved
    • 1 de Enero de 1869
    ... ... (3.) Make such compromise or other arrangement as may ... be thought expedient with creditors, or persons ... claiming to ... S-28 ... Power of trustee to accept composition or general scheme of arrangement. 28 Power of trustee to accept composition or general ... ...
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Books & Journal Articles
  • Protection of Minorities Against Oppression Under Section 206 of the Companies Act, 1948
    • No. 21-6, November 1958
    • The Modern Law Review
    ... ... Act, 1948, provides that, where a compromise or arrangement is proposed between a company and its creditors and/or ... necessity of obtaining the court’s sanction to any scheme brought under the section, and the court will withhold its ... ...
  • Statutes
    • No. 5-2, November 1941
    • The Modern Law Review
    ... ... in enabling him to arrive at an equitable and reasonable scheme of arrangement with his creditors, and, in particular, a scheme ... ...
  • Schemes of arrangement
    • Contents
    • Law of Insolvent Partnerships and Limited Liability Partnerships
    • Elspeth Berry/Rebecca Parry
    • 23-39
    ... Chapter 2 ... Schemes of Arrangement ... An LLP, but not a partnership, 1 may propose and enter into a scheme of arrangement with its creditors and/or members, or any class of them. Schemes are a remarkable legal framework, having been introduced under the ... ...
  • Corporate Mobility and Company Law
    • No. 79-5, September 2016
    • The Modern Law Review
    Globalisation has given commercial parties more freedom to choose the company law system that best suits their private needs. The growing range of techniques to facilitate choice between systems of...
    ... ... 9 Another possibility is the ‘holdco scheme of arrangement’, a court-supervised statutor y process that enables a ... ...
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Law Firm Commentaries
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Forms
  • Pension Inquiry Form information needed when a Pension Sharing Order or Pension Attachment Order may be made
    • HM Courts & Tribunals Service court and tribunal forms
    Forms to apply for a divorce, dissolve a civil partnership or legally separate, including the D8 application and financial order forms.
    ... ... Pension Inquiry Form ... Insert details of pension scheme here ... Information needed when a ... Pension Sharing Order or ... B. To be completed by the pension arrangement ... This section deals with information required to be provided under the ... ...
  • Pension sharing annex under [section 24B of the Matrimonial Causes Act 1973] [paragraph 15 of Schedule 5 to the Civil Partnership Act 2004]
    • HM Courts & Tribunals Service court and tribunal forms
    Forms to apply for a divorce, dissolve a civil partnership or legally separate, including the D8 application and financial order forms.
    ... ... to the order provides the person responsible for the pension arrangement with the information ... required by virtue of rules of court: ... (vi) If the Transferee is also a member of the pension ... scheme from which the credit is derived, or a ... beneficiary of the same scheme ... ...
  • Bankruptcy petition for default in connection with voluntary arrangement
    • HM Courts & Tribunals Service court and tribunal forms
    Forms relating to bankruptcy and insolvency, including the application for a certificate to show your bankruptcy has ended.
    ... ... (l) Give details of the default in connection with the composition or scheme, being the grounds under section 276(1) IA86 upon which the bankruptcy order is sought ... 4. (l) ... Endorsement ... This ... ...
  • T611)
    • HM Courts & Tribunals Service court and tribunal forms
    Includes the refund form for claimants.
    ... ... To be considered ... for the judicial mediation scheme a case ... • must include a discrimination complaint or a complaint of ... relevant by the Vice President ... A telephone mediation arrangement CMD will be arranged quickly thereafter so ... that the Judicial Mediator ... ...
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