In the Matter of the Equitable Life Assurance Society: In the Matter of the Companies Act 1985: ChD 8 Feb 2002

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:

Bailii

Statutes:

Companies Act 1985 425

Jurisdiction:

England and Wales

Financial Services, Company

Updated: 16 September 2022; Ref: scu.167594