CHANCERY DIVISION
COMPANIES COURT
Strand London WC2A 2LL |
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B e f o r e :
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7080 of 2003 In the Matter of | ||
DRAX HOLDINGS LIMITED | ||
7089 of 2003 In the Matter of | ||
INPOWER LIMITED |
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Crown Copyright ©
Mr Justice Lawrence Collins:
I Introduction
II The Schemes
III Schemes of Arrangement and foreign companies
"(1) Where a compromise or arrangement is proposed between a company and its creditors, or any class of them .... the court may on the application of the company .... order a meeting of the creditors or class of creditors … (as the case may be), to be summoned in such a manner as the court directs.
(2) If a majority in number representing three-fourths in value of the creditors or class of creditors .... (as the case may be) present and voting either in person or by proxy at the meeting, agree to any compromise or arrangement, the compromise or arrangement, if sanctioned by the court, is binding on all creditors or the class of creditors .... and also on the company …"