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Company – Scheme of arrangement. The Chancery Division adjourned a hearing to convene a single class of creditors to consider a scheme of arrangement in respect of the applicant company, Indah Kiat International Finance Company B.V. Among other things, it considered that 14 days was inadequate notice for a convening hearing for a scheme of the present type, which was neither simple nor straightforward. Even if the notice to the creditors had been adequate, an order convening a single meeting of scheme creditors would not have been made because the evidence adduced by the company as to the appropriate composition of the scheme meetings and draft explanatory statement were materially deficient in their current form.
Company – Scheme of arrangement. The Chancery Division adjourned a hearing to convene a single class of creditors to consider a scheme of arrangement in respect of the applicant company, Indah Kiat International Finance Company B.V. Among other things, it considered that 14 days was inadequate notice for a convening hearing for a scheme of the present type, which was neither simple nor straightforward. Even if the notice to the creditors had been adequate, an order convening a single meeting of scheme creditors would not have been made because the evidence adduced by the company as to the appropriate composition of the scheme meetings and draft explanatory statement were materially deficient in their current form.
The Bar Council is ready to support a turn to the efficiencies that will make a difference
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