Matthew Weaver KC and Katie Longstaff instructed by Shoosmiths LLP, acted for the successful plan company, Project Verona Limited, obtaining an order sanctioning its proposed restructuring plan under Part 26A of the Companies Act 2006. The plan company had assumed certain liabilities of Tasty plc and Took Us A Long Time Limited, which together operate restaurant chains trading under the names ‘Dim T’ and ‘Wildwood’.  FRP Advisory Trading Limited advised in relation to the plan and Philip Reynolds and Allan Kelly will be the Plan Administrators.

In finding the relevant principles and statutory requirements met, Mr Justice Richards considered the benefits of the plan were fairly distributed amongst shareholders and creditors. The Court decided to exercise its discretion to cramdown the dissenting classes under s.901G CA06 and thereby sanction the plan.

Full judgment to follow.