Torm A/S v Companies Act 2006
| Jurisdiction | England & Wales |
| Judge | Mr Justice Mann |
| Judgment Date | 09 June 2015 |
| Neutral Citation | [2015] EWHC 1749 (Ch) |
| Court | Chancery Division |
| Docket Number | Case No: 3480/2015 |
| Date | 09 June 2015 |
[2015] EWHC 1749 (CH)
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
COMPANY COURT
Royal Courts of Justice
Strand
London, WC2A 2LL
Mr Justice Mann
Case No: 3480/2015
Adam Goodison (instructed by Skadden, Arps, Slate, Meagher and Flom LLP) for the Claimant.
Adam Al-Attar (instructed by Millbank, Tweed, Hadley & McCloy LLP) for the Defendant.
(As Approved)
Tuesday, 9 th June 2015
(11.18 am)
I don't propose to deliver a long and elaborate judgment in relation to this matter. I will merely make the following remarks.
This is an application for an order convening four meetings of four different classes of creditors of a Danish company, TORM AS, which is a shipping company. The meetings are to consider a company scheme of arrangement. The purpose of the scheme is to restructure many millions of pounds worth of institutional debt so as to avoid what are said to be undesirable insolvency proceedings.
The four meetings are for four classes of creditors under each of four credit facility agreements. I am satisfied on the material that I have seen that the classes constituted for the purposes of those meetings are proper classes for the purposes of the corporate scheme of arrangement regime. Under the proposals a meeting will be held for each of the creditors under each of the four distinct and discrete credit agreements.
Mr Goodison for the company has drawn the relevant authorities — and they are now familiar formulations — to my attention and I have read them. I shall not set them out in this judgment.
The less than usual feature of this case, although it is becoming an increasingly common feature of schemes in this court, is that the company is a Danish-registered company and not an English-registered company. However, the authorities demonstrate that that is not a bar to ordering a scheme and to ordering the convening of meetings, and the court can exercise its jurisdiction to order the convening of meetings and to sanction the scheme if there is an appropriate connection with this jurisdiction. That connection in this...
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