Share on Twitter Share on LinkedIn Email this newsletter Print this newsletter Briefing 10 February 2017 Schemes of arrangement - the end of the numerosity test? Catherine BalmondCraig MontgomeryKatharina Crinson The High Court yesterday held that a Chairperson of a shareholder scheme meeting may reject votes cast against a scheme of arrangement in circumstances where the shares were acquired through an artificial share-splitting exercise designed to frustrate the scheme. It is the first English case to consider this issue and while it arose in the context of a shareholder scheme, the impact is also significant for debt restructurings implemented by way of a creditor scheme of arrangement. Schemes of arrangement - the end of the numerosity test.pdf (PDF - 751 KB) Share on Twitter Share on LinkedIn Email this newsletter Print this newsletter