Vol 19 (2022) - Issue 5

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The End of the Amigo Scheme Saga: Re ALL Scheme Ltd [2022] EWHC 1318 (Ch)

Synopsis
In Re All Scheme Ltd [2022] EWHC 1318 (Ch), Mr Justice Trower sanctioned one of the two alternative revised schemes of arrangement proposed by the Amigo Group, a guarantor loan company that has been facing financial difficulties since 2020. The new schemes had been put together following the refusal of Mr Justice Miles to sanction a previous scheme of arrangement, predominantly on the basis of the significant reduction in consumers’ claims (with the shareholders retaining their interests) in the absence of clear explanations of the relevant alternatives or any independent representation of the consumer-creditor group.