The Society sought approval of a scheme of arrangement. The Society had made promises of high returns to some policyholders, which it could not maintain after a decline in interest rates and the stock market. It sought a compromise arrangement. The arrangement had been voted on and accepted by members.
Held: The power given by the section to over-ride dissentients must be used with great care. There was not sufficient distinction in interests, to have required more than three classes of voters. The scheme proposal had been properly administered. It was proper, had been accepted by the members, and was approved.
Judges:
The Honourable Mr Justice Lloyd
Citations:
[2002] EWHC 140 (Ch), [2002] BCC 319, [2002] 2 BCLC 510
Links:
Statutes:
Jurisdiction:
England and Wales
Financial Services, Company
Updated: 16 September 2022; Ref: scu.167594