Vol 18 (2021) - Issue 2

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NN2 Newco Ltd, Re Politus BV [2019] EWHC 1917 (Ch)

Synopsis
At the convening hearing stage of proposals for two creditors' schemes of arrangement, Norris J affirmed that scheme jurisdiction could properly be exercised over an English company incorporated for the sole purpose of promoting a scheme of arrangement, where that company had become a co-issuer under the debt instruments to be compromised. The judge also held that where the debt instruments contained 'asymmetric' English jurisdiction clauses – clauses requiring one party to use English jurisdiction, but permitting the other to bring proceedings elsewhere – scheme jurisdiction could be exercised consistently with the Recast Judgments Regulation.