Jersey Unreported Judgments

Companies - application for court sanction of a scheme of arrangement.

[2018]JRC229

Royal Court

(Samedi)

11 December 2018

Before     :

Sir William Bailhache, Bailiff, and Jurats Crill and Thomas

IN THE MATTER OF THE REPRESENTATION OF SANTANDER UK PLC (FIRST REPRESENTOR) AND ABBEY NATIONAL TREASURY SERVICES PLC (SECOND REPRESENTOR)

AND IN THE MATTER OF AN APPLICATION PURSUANT TO ARTICLE 48D OF, AND

THE SCHEDULE TO, THE BANKING BUSINESS (JERSEY) LAW 1991

Advocate M. P. Cushing for the Representors.

judgment

the bailiff:

1.        As far as the court is concerned Advocate Cushing you have been very helpful in taking us through the documentation.  We are satisfied the procedural requirements as set out in the schedule of the Banking Business (Jersey) Law 1991 have been complied with as varied by the Act of the 22^nd October. 

2.        We apply the test in Re Standard Chartered (Jersey) Limited [2013] (2) JLR Note 36 and Standard Chartered (Jersey) Limited [2013] JRC 210.  We note that we must rightly give prime consideration to the commercial judgment of the directors.  We have had regard to the opposition of an objector which does not seem to us to go to the main thrust of the scheme.  The function of the court is to ensure the scheme as a whole is fair and looks fair. 

3.        We are satisfied the changes to the ANIL Scheme ought to be made as Advocate Cushing has proposed them and we have looked and been comforted by the confirmation of the Commission and also the Independent Auditors Report as updated, and that is the reason why we have reached the conclusions that we have. 

Authorities

Banking Business (Jersey) Law 1991.

Re Standard Chartered (Jersey) Limited [2013] (2) JLR Note 36

Standard Chartered (Jersey) Limited [2013] JRC 210