Re Nortel Networks UK Ltd and others

Company – Administration order. The Chancery Division made several orders, following the filing for insolvency protection in 2009 by the companies in the Nortel Group, in respect of the net proceeds from the global sale which were being held in escrow pending agreement or court determination as to how the proceeds should be allocated amongst the parties. The orders in general permitted the administrators in the United Kingdom pursuant to the Insolvency Act 1986 and the Insolvency Rules 1986, to declare dividends to its unsecured non-preferential creditors and to promulgate company voluntary arrangements in respect of the relevant companies in the group.

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