Insolvency

It was settled law that the fact that English law was the governing law for all creditor arrangements provided a sufficient connection to the jurisdiction to warrant the exercise by the English court of its jurisdiction under the Companies Act 2006. The court’s function in respect of convening a scheme meeting was to determine: (i) whether the court had jurisdiction to grant the order convening the meeting; and (ii) to consider the issue in respect of composition of class. It was settled law that such a hearing was not to consider the merits and fairness of the scheme. The court had to consider whether the company was liable to be wound up pursuant to the Insolvency Act 1986.