Schemes Of Arrangement: Irish Court-Sanctioned $1.65bn Cross Border Restructuring Recognised By US Bankruptcy Court

Author:Mr Gavin Smith, William Greensmyth and Aisling Marron
Profession:Walkers
 
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The recent ex tempore judgment of Mr Justice Barniville delivered June 6, 2019 in Re Ballantyne Re plc1 confirms the Irish High Court's jurisdiction to sanction a scheme of arrangement between a company and its creditors that provides for the release of third parties pursuant to Part 9 of the Companies Act 2014 (the "Act").

In reaching his decision, Mr Justice Barniville expressly approved of recent scheme case law in other common law jurisdictions, including the recent decision of the Grand Court of the Cayman Islands in Re Ocean Rig UDW Inc2 ("Ocean Rig").

Furthermore, it was a pre-condition to the implementation of the restructuring (envisaged by the scheme) that the scheme...

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