International Corporate Rescue
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Vol 18 (2021) - Issue 5
Article preview
The Restructuring of DTEK Group: A Challenge to the International Effectiveness of a Scheme of Arrangement in a Post-Brexit Era
Mark Fennessy, Partner, Sunay Radia, Partner, and Alexander Andronikou, Associate, McDermott Will & Emery UK LLP, London, UKSynopsis
The restructuring of DTEK group (the "Group") by way of two inter-conditional schemes of arrangement and the related convening and sanctioning judgments of the High Court of Justice in England (the "Court") has provided guidance as to the approach the Court will take in considering the international effectiveness of schemes of arrangement in a post-Brexit era.
This is a landmark restructuring that faced opposition by a scheme creditor to one of the schemes of arrangement on various grounds, including that the Court could not be satisfied as to its international effectiveness in certain key jurisdictions and thus any grant of sanction would be an act in vain.
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