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Vol 21 (2024) - Issue 6
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PlusHolding GmbH, Re [2024] EWHC 828 (Ch)
Adam Jones, Senior Associate, and Georgia Spyrou, Trainee Associate (non-solicitor), Freshfields Bruckhaus Deringer LLP, London, UKSynopsis
The English High Court (the 'Court') sanctioned a scheme of arrangement under the Companies Act 2006 Part 26 (a 'scheme'), where the scheme had been modified after the creditors' meeting had approved it.
The scheme creditors had approved the scheme subject to any modifications, additions or conditions imposed by the Court. The Court noted that the modifications to the scheme were more than merely technical, but was satisfied that: (i) the modified scheme achieved effectively the same economic outcome for scheme creditors; (ii) scheme creditors would have approved the modified scheme if it had been presented to them at the creditors' meeting; and (iii) the Court was not 'foisting on creditors a different scheme'.
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