We use cookies to customise content for your subscription and for analytics. If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.
In January 2011, the High Court refused to approve an examiner's rescue plan ("Scheme of Arrangement") for construction company McInerney Homes Limited ("McInerney"), on the basis that the Scheme of Arrangement was unfairly prejudicial to the secured creditors consisting of a Banking Syndicate of Anglo Irish Bank Corporation Limited, Bank of Ireland plc and KBC Bank plc (the "Banks"
In an important judgment handed down on Friday 27 July 2012 (Assénagon Asset Management S.A. and Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited (Anglo Irish)) Justice Briggs, sitting at the High Court, Chancery Division, upheld a challenge to the commonly used restructuring technique of “exit consents” used in English law governed bonds on the basis that this technique was an abuse of power by the majority and “at variance with the purposes for which majorities in a class are given power to bind minorities”
