Company
Re TG Jones High Street Ltd [2026] EWHC 2079 (Ch)
The Chancery Division sanctioned two restructuring plans proposed by the plan companies, TG Jones High Street Ltd and TG Jones Retail Holdings Ltd pursuant to Part 26A of the Companies Act 2006. The applicant plan companies, which operated a high street retail business, faced severe financial difficulties including significant losses, critical cashflow constraints, and imminent insolvency. The court exercised its cross-class cramdown jurisdiction to impose the plans on dissenting creditor classes, including multiple landlord creditor classes and business rates creditors. The court held that the primary jurisdictional preconditions were satisfied: the plan companies were companies liable to be wound up; they had encountered financial difficulties affecting their ability to carry on business as a going concern; the proposals constituted compromises or arrangements with the requisite element of give and take; and the purpose was to eliminate or mitigate the financial difficulties. The court found, among other things, that the relevant alternative was a value-destructive administration involving piecemeal sales of stock;
