Schemes of arrangement : Law and practice /
Geoff O' Dea, Freshfields Bruckhaus Deringer LLP; Julian Long, Freshfields Bruckhaus Deringer LLP; Alexandra Smyth, Freshfields Bruckhaus Deringer LLP ; consulant editors William Trower QC, South Square; Andrew Thornton, Erskine Chambers.
- First edition.
- xxiii, 315 pages : illustrations ; 26 cm
Includes bibliographical references and index.
CONTE,NTS Table of Cases Table of Legislation xi xvii 1 . I INTRODUCTION Introduction and Outline of Process LJses Prcvalence Process Limitations Jurisdiction and the Types of Companies that May Propose Schemes Jurisdiction of rhe F.nglish (lourts Rccognition of English Sche mes in E,urope Recognition of Flnglish Schcmes by US Courts Jurisdiction outside Europe and rhe US II KE,Y PRINCIPLE,S RELATING TO CREDITOR AND M E,MBER SCHEMES Meaning of Key Legal Terms and Concepts A'Oompromise' or'Alrangement' Constitution of Classes oI Mcmbcrs or Creditors Magnirudc of Dissimilariry of Rights beforc a Separate Class Required Record f)a tcs, (iu rrency (,onve rs io ns a ncl'l'ra nsfers Itelevant Timc to Ascertain rhe Rights Applicable to the l)etermination of the Class(es) of Members or Crcditors lnclusion of All Members or (lreditors in a (llass in a Schcme Court Hearings, Creditor or Member Meetings and Disclosu re Requirements The Court Hearings 'lhe Hearing to (lonvene Mecting(s) Disclosure Requirements and the Flxplanatory Statement Meeting(s) of Class(es) of Members or Creditors Jhe Sanction Hcaring Imposition of (.londition,s on, or Alterarion of, rhc Scheme bv the Court Post-sanction I ssucs a nd Conditions Prc:cedctrt ) 1.05 L08 1.1 1.13 2.01 2.36 2.Ufl 2.101 3.02 3.08 J.I+ 3.16 3.25 3.28 4.02 4.04 4.r5 4.25 4.40 4.60 4.61 3. 4. Contents 5. Listed Company Considerations Overvicrv General l,iabilities Scheme Involves a Company which has its Shares f'raded on the Premium Segment of the Main Market Scheme Involves a Company which has its Shares l-raded orher rhan on the Premium Segment of the Main Market Scheme Necessitates the Issue of New Shares III CRE,DITOR SCHEMES 6. Major Typ"r of Creditor Schemes ina Corporate Restructuring Context The Three Major'i,up.r of Corporate Creditor Schemes Minorities Schemes Secured I)ebt'fransfer Scheme An Unsecured Debr tansfer Scheme or Tea (lorporarion Scheme 7. CompanyVoluntaryArrangements Compared with Schemes Jurisdiction {1166sdxss-Compromise or Arrangement Procedure-Proposal How is a CVAAchieved? W'hat Approval is Needed? 'What is the Effect of a CVA on Creditors? Does the Company Proposing the CVA have the Benefit of a Morarorium? How Can a Creditor Challenge a CVA? Disenfranch isement of Jun ior Cred itors and F.quity Holders Valuation Scheme or CIVA? 8. Creditor Schemes in Practice What Can Schemes Achieve and'What are the ir l-imitations? Meaning of 'Creditor' (llass Issues "Ihe Scheme Meeting 'Ihe Sancrion Hearing English Tax Considerations for Schemes IV N4EMBER SCHEMES 9. Types of Member Schemes Overview of rhe Major'lyp., of Member Schemes Takeovers 5.01 5.03 >.J+ ).tt/ 5.70 (r.01 6.2r 5.26 6.36 7.07 7.08 7.r0 /.t ) 7.r8 7.22 7)4 7.28 7.3r 7.33 7.34 8.01 8.50 8.76 8.79 8.95 9.01 9.0ri (rrt ..: -lirp. -lirp. 'lirp. Rctr::: l)c n:. Rcm. . \/ari.r:. ll. Pracricc Indic.r:. . Respr.: L)rafri::. 12. Practicc Overr l. .,. I)ocunr,: -l'imst.i:-.. 'fhe Sci:.: Index vlll ffi i.01 5.03 >'J4 ).o/ 5.70 Contents Group Reorganisations Topco Schemes-General -fopco Schemes-Redom iciliation Tbpco Schemes-lncreasing Distributable Reserves Return of Capitalto Shareholders Demergers Removal of M inority Shareholders Variation of Cllass Rights 10. Takeovers by Scheme of Arrangement Comparison with Contracf ual Takeover Offers-Prevalence Advantages and Disadvantages of a Member Scheme as Opposed to a Contractual f akeover Offer Changing from a ContractualTakeover Offer to a Scheme ofArrangement Hostile Offers Competitivc Situations Cancellation and'Iransfer Schemes Determination of C,lasses Application of the'l-akeover Code Tax Issues Employee Share Schemes Overseas Shareholders V PRACTICE AND PROCEDURE 11. Practice and Procedure: Creditor Schemes Indicative Key Documents l-ist and Timeline: Creditor Scheme in Respect of Credit Documents Drafting Tips for Crediror Scheme: Scheme Claims under Credir Documents 12. Practice and Procedure: Member Schemes Overview Documentation Timetable 'fhe Scheme Index 9.r3 c).46 9.83 9.92 9,1r4 L).123 9,r53 9.163 10.01 10.05 10.55 r0.57 10.67 10.82 10.90 r0.93 10.116 TO,T34 10.159 11.01 tl.02 i2.01 t2.02 t2.14 12.18 307
9780199665921 (cloth)
2012538157
Corporate reorganizations--Great Britain. Bankruptcy--Consolidation & Merger of Corporations