Re Monier Group Services GMBH Scheme of Arrangement
| Jurisdiction | England & Wales |
| Judge | Mr Justice Newey |
| Judgment Date | 08 October 2013 |
| Neutral Citation | [2013] EWHC 3406 (Ch) |
| Date | 08 October 2013 |
| Court | Chancery Division |
| Docket Number | No: 6809 of 2013 |
[2013] EWHC 3406 (Ch)
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
Rolls Building
7 Rolls Buildings
London
EC4A 1NL
Mr Justice Newey
No: 6809 of 2013
Mr William Trower QC and Mr David Allison (Instructed by Kirkland & Ellis International LLP) appeared on behalf of the Applicants
Approved Judgment
Tuesday, 8 October 2013
I have before me applications under section 896 of the Companies Act 2006 for orders convening meetings of scheme creditors for the purpose of considering and, if thought fit, approving a scheme of arrangement proposed by each of the relevant companies.
I have been helpfully referred to relevant materials by Mr William Trower QC, who appears with Mr David Allison for the companies, and Mr Trower has elaborated on particular matters this morning. Mr Trower has raised with me specifically questions relating to the composition of classes of creditors and the court's jurisdiction.
With regard to the former, it is proposed essentially that the creditors be split into two classes, referred to as the "Existing Senior Facilities Creditors" and the "New Revolving Facility Creditors". On the basis of the submissions advanced to me by Mr Trower, it seems to me that that split appears appropriate. The rights of the creditors in each of the classes do not strike as so different that they cannot consult together with a view to their common interest. I should, moreover, say that, in the light of the various authorities to which I was referred by Mr Trower, the fact that many of the creditors have entered into a lock-up letter, does not appear to me, at this stage at least, to present a difficulty. As Mr Trower pointed out to me, the implications of lock-up letters have been considered in a number of authorities, and lock-up letters, such as I am concerned with in this case, which include a 1 per cent fee, have not been considered to give rise to difficulties.
Turning to the question of jurisdiction, again I was referred to a number of authorities by Mr Trower. The issues have been touched on recently by David Richards J in ...
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