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scheme of arrangementrestructuringcross border recognition
Re Safari Holding Verwaltungs GmbH
[2022] EWHC 1156 (Ch)
Key Principle
At the sanction stage of a Part 26 scheme of arrangement, the court will approve a creditors' scheme where it has jurisdiction (a sufficient connection, here English-law-governed notes of a German company), the statutory class and majority requirements are met, and the scheme is one an intelligent and honest creditor could reasonably approve and is likely to be recognised and effective in the relevant foreign jurisdiction.
Area of Law
General
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