Matthew Maddison has acted on behalf of the applicant creditor, NGI Systems & Solutions Limited, in what is understood to be the first Part 26A Restructuring Plan to be sanctioned outside of London.
Matthew was instructed by Gawain Moore, Ashley Armitage and Oliver Wheeler at Walker Morris.
The respondent company, The Good Box Labs Co Ltd, is a provider of payment services to charities and had entered administration in June 2022.
The application for a Restructuring Plan was made by NGI in its capacity as a creditor of the Company.
HHJ Davis-White KC sitting as Judge of the High Court at the Business & Property Courts in Leeds utilised the cross-class cram-down power to sanction the plan notwithstanding the dissent of one class of creditors. Interesting issues considered included whether the Court has the power to sanction a Restructuring Plan to which the Company (in this case acting by its Administrators) has not consented (Re. Savoy Hotel Ltd) and, if so, whether the Court should direct the Administrators to provide the necessary consent.
The Plan was approved on 16 January 2023, with a reasoned judgment to be handed down in due course.