Company
Re AGPS BondCo plc [2023] EWHC 916 (Ch), [2023] All ER (D) 58 (Apr)
The Chancery Division approved a restructuring plan. The plan concerned a company incorporated in England and Wales, which was part of a group whose business consisted of the purchase, management and development of income-producing, multi-family residential real estate in Germany. The court held that the relevant class, namely, the 2029 plan creditors, would be no worse off under the plan than they would have been under the relevant alternative. The court would exercise its discretion to make the order sought.
Debt
CRF I Ltd v Banco Nacional De Cuba and another [2023] EWHC 774 (Comm), [2023] All ER (D) 53 (Apr)
The Commercial Court ruled on a challenge to jurisdiction under CPR 11 brought by the defendants. The first defendant, a national bank, took out loans from commercial banks in the 1980s. The second defendant, the Republic of Cuba, acted as guarantor. The first defendant defaulted on repayments. The dispute involved a sovereign debt claim of over €70m by the claimant, against the principal obligor
