The parties sought approval of scheme of arrangement of the American company at issue, a company conducting mainly re-insurances. Detailed proposals were put to the court as to the recovery of sums due to the company and payment out to the claimants or appropriate sums by way of compromise. Some creditors opposed the proposal. A request was made that any approval be delayed pending the outcome of a related application to be heard in the US.
Held: The application was partisan, and there was nothing in their case against the sanctioning of the scheme, given that assurances were made that the US proceedings would not be prejudiced.
 EWHC 2485 (Ch)
England and Wales
Cited – In re British Aviation Insurance Company Ltd ChD 21-Jul-2005
Complaint was made that the turn-out at the meeting to approve the proposed scheme of arrangement was about 15% representing just over half in value of the total claims, judged in each case by reference to ‘actual or pending’ claims. Counsel for the . .
Lists of cited by and citing cases may be incomplete.
Updated: 04 July 2022; Ref: scu.234715