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England and Wales High Court (Chancery Division) Decisions
You are here: BAILII >> Databases >> England and Wales High Court (Chancery Division) Decisions >> DeepOcean 1 UK Ltd & Ors, Re  EWHC 3549 (Ch) (15 December 2020)
Cite as:  WLR(D) 74,  EWHC 3549 (Ch),  Bus LR 632
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BUSINESS AND PROPERTY COURTS
OF ENGLAND AND WALES
COMPANIES COURT (CH)
London, EC4A 1NL
B e f o r e :
| IN THE MATTER OF DEEPOCEAN 1 UK LIMITED
AND IN THE MATTER OF DEEPOCEAN SUBSEA CABLES LIMITED
AND IN THE MATTER OF ENSHORE SUBSEA LIMITED
AND IN THE MATTER OF THE COMPANIES ACT 2006
Official Court Reporters and Audio Transcribers
5 New Street Square, London, EC4A 3BF
Tel: 020 7831 5627 Fax: 020 7831 7737
MR J. GOLDRING QC and MR R. PERKINS (instructed by Norton Rose Fulbright LLP) appeared on behalf of Original Locked-up Lenders.
MR A. WRIGHT (instructed by Wikborg Rein LLP) appeared on behalf of Havila Chartering AS.
Crown Copyright ©
MR JUSTICE TROWER:
"...whatever the court considers would be most likely to occur in relation to the company if they compromise or arrangement were not sanctioned."
In the present case, the Plan Companies contend that the relevant alternative is or is certainly likely to be the CL&T Group insolvency scenario.
"It is the responsibility of the applicant, by evidence in support of the application or otherwise, to draw to the attention of the court at the hearing for an order that meetings of creditors and/or members be held ('the convening hearing'):
(a) any issues which may arise as to the constitution of meetings of members or creditors or which otherwise affect the conduct of those meetings;
(b) any issues as to the existence of the court's jurisdiction to sanction the scheme;
(c) (in relation to a Part 26A scheme) any issues relevant to the conditions to be satisfied pursuant to section 901A of the 2006 Act and, if an application under section 901C(4) of the 2006 Act is to be made, any issues relevant to that application; and
(d) any other issue not going to the merits or fairness of the scheme, but which might lead the court to refuse to sanction the scheme."
(1) Jurisdictional requirements;
(2) Conditions A and B;
(3) Class composition;
(4) Any other issues not going to merits or fairness which might cause the court to refuse to sanction the restructuring plans; and
(5) Practical issues regarding the adequacy of notice, documentation and proposals for the meetings of creditors.
"In each case, the answer to that question will depend upon analysis of the rights which are to be released or varied under the scheme and of the new rights, if any, which the scheme gives by way of compromise or arrangement to those whose rights are to be released or varied."