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13 December 2013
Issue: 7588 / Categories: Case law , Law reports , In Court
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Company—Scheme of arrangement—Jurisdiction

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Re Magyar Telecom B. V.  [2013] EWHC 3800 (Ch), [2013] All ER (D) 20 (Dec)

Chancery Division. Richards J, 3 Dec 2013

The Chancery Division has given guidance on the sanctioning of schemes of arrangements involving companies with interests in different jurisdictions.

Daniel Bayfield (instructed by White & Case LLP) for the company.

The proceedings concerned a company incorporated and registered in the Netherlands. It was a member of a group whose principal business was the operation of telecommunication services in Hungary. The parent of the group was Hungarian Telecom LP, a private investment firm incorporated in Guernsey and managed primarily by a company (Mid Europa), which had its headquarters in London and was authorised and regulated by the Financial Conduct Authority. The principal liabilities of the company arose under an issue of €345m 9.5% notes, due 2016 (the notes), governed by the law of the State of New York and subject to the non-exclusive jurisdiction of the courts of that state in favour of noteholders.
 
A scheme of arrangement was

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