The vogue for overseas groups to use UK schemes of arrangement continues and the latest to do so is the pan European car park operator, Apcoa. The reason is that the scheme of arrangement procedure allows a restructuring to take place which could not be achieved under the laws of the states where the companies are registered. But to have access do this UK procedure the overseas group has to show a sufficient connection with the UK jurisdiction and that is just the start. The recent decision of the High Court in the Apcoa case provides some useful guidelines to overseas groups wishing to restructure using a scheme.
Richard Baines, Head of Corporate Restructuring & Insolvency, has an article in the February issue of The In House Lawyer which looks at the key points decided by the Court in Apcoa, including the guidance in relation to future scheme applications.
To read Richard’s article, see Schemes of Arrangement of Overseas Companies (PDF).