UK Court: Dissenting creditor class need not constitute a meeting to be crammed down under scheme of arrangement

22 May 2023

In this update, Directors Sushil Nair, Julian Kwek, Blossom Hing, Chan Wei Meng and Mohan Gopalan discuss the English decision of Re Listrac Midco Limited [2023] EWHC 460 (Ch), where the English High Court held that the English cram-down provisions only require that a meeting of the dissenting class of creditors be summoned, and not that any creditors actually attend the meeting. This interpretation of the statute ensures that dissenting creditors cannot escape the operation of the cram-down provisions merely by refusing to attend a meeting.
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