Judgment Hand Down: Re Listrac Midco Limited and others

Adam Johnson J has handed down a judgment sanctioning restructuring plans in respect of seven plan companies. The companies form part of the Lifeways Group.

In respect of three of the plan companies, the Judge utilised the cross-class cramdown power under section 901G. The Judge discussed the impact of low turnout amongst dissenting classes on the exercise of his discretion. The Judge also considered for the first time the impact of the decision in Re Altitude Scaffolding [2006] BCC 904 on Part 26A and the requirements of a ‘meeting’ in the context of a cross-class cramdown. He concluded that there was no requirement for qualifying meetings of dissenting classes to have taken place in order to utilise the cross-class cramdown power under section 901G.

Tom Smith KC, Paul Fradley, and Annabelle Wang appeared for the plan companies instructed by Willkie Farr & Gallagher (UK) LLP (Graham Lane, Alexander Roy, and Matteo Clarkson-Maciel).

Click here for the full judgement [2023] EWHC 460 (Ch).

News you may be interested in
South Square & RISA BVI Conference – 2024
South Square & RISA Cayman Conference – 2024
South Square Digest
South Square Digest is our quarterly review of news, cases, judgments and articles covering all our practice areas.
Contact us
Scroll To Top