The appellants contended that it is not lawful under English law for a company to undertake a process which they characterise as buying the votes of the holders of notes or other securities issued by the company. To put the point more formally, the issue is whether English law permits a company to solicit and procure votes in support of a financial restructuring proposal by offering and making cash payments to those members of the relevant class who vote in favour of the proposal but excluding from the payment those who vote against it or do not vote on the resolution at all. The process is referred to as consent solicitation, and the payments as consent payments.
Judges:
Lloyd, Aikens, Beatson LJJ
Citations:
[2013] EWCA Civ 364
Links:
Jurisdiction:
England and Wales
Company
Updated: 17 November 2022; Ref: scu.472866