Source: All England Reporter
Publisher Citation: [2006] All ER (D) 123 (Dec)
Court: Chancery Division
Judge:

Sir Andrew Morritt C
Judgment Dates: 8 December 2006

Catchwords

Company - Scheme of arrangement - Sanction - Scheme involving reduction of capital and transfer of long term business - Independent expert concluding policyholders not adversely affected by scheme - Objections to scheme - Whether scheme should be sanctioned - , s 111.

The Case

On an application for sanction of a scheme of arrangement, pursuant to s111 of the the court commented on the apparent policy of the Financial Services Authority of not appearing on such applications. In the instant case, having considered the objections raised by the relevant policyholders, they were not sufficient to undermine the favourable conclusions of the independent expert. Accordingly, the companies' application for sanction of the proposed scheme would be allowed.

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