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SCHEMES OF ARRANGEMENT

Schemes of arrangement are an important and flexible mechanism thatcan be used to reorganise a company’s capital. They have undergonesomething of a renaissance over the first decade or so of this century,particularly as a debt restructuring device, since effective tools haveneeded to be developed to deal with financial distress. Schemes havealso become the mechanism of choice for recommended takeovers. Inorder to understand their current popularity, this book examines theuse of both member and creditor schemes, and compares their advan-tages and disadvantages to the alternatives that are available. It performsa critical, contextual and comparative analysis of schemes and theiruses, and puts forward reform proposals that are designed to ensurethat schemes continue to develop as an indispensable tool for companiesfor the future.

jennifer payne is Professor of Corporate Finance Law at theUniversityof Oxford.

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SCHEMES OF ARRANGEMENT

Theory, Structure and Operation

J E NN I F E R P A YN E






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© Jennifer Payne 2014

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Schemes of arrangement / Jennifer Payne.pages cm

ISBN 978-1-107-01640-8 (hardback)1. Assignments for benefit of creditors – Great Britain. 2. Debtor and creditor – Great

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CONTENTS

Foreword page xiiiPreface and acknowledgements xvTable of cases xviiTable of legislation xxviiiList of abbreviations xlvii

1 Introduction 1

1.1 An overview of schemes 1

1.2 The historical development of schemes 7

1.3 The scope of this book 12

2 The mechanics of a scheme of arrangement 18

2.1 Introduction 18

2.1.1 The meaning of ‘compromise’ and ‘arrangement’ 20

2.1.2 The meaning of ‘company’ 242.1.2.1 Unincorporated associations 252.1.2.2 Foreign companies 26

2.2 Application to the court for meetings to besummoned 28

2.2.1 Who may apply for an order? 292.2.1.1 Hostile member schemes 312.2.1.2 Hostile creditor schemes 33

2.2.2 The explanatory statement 33

2.2.3 The court’s role at the first hearing 36

2.3 Meeting(s) of the members or creditors 40

2.3.1 Who needs to consider the scheme? 402.3.1.1 Legal, not beneficial, owners 402.3.1.2 The right to vote on a scheme of arrangement 42

2.3.2 Separate class meetings 452.3.2.1 Rights and interests 47

v






2.3.2.2 The correct comparator 522.3.2.3 Comments on the courts’ approach to class composition 54

2.3.3 Approval at the class meetings 572.3.3.1 The majority-in-value test 572.3.3.2 The headcount test 61

2.4 The sanction of the court 68

2.4.1 Does the proposal fall within the proper scope of Part 26? 69

2.4.2 Have the statutory provisions been complied with? 70

2.4.3 The exercise of the court’s discretion 73

2.5 Delivery to the Registrar of Companies 78

2.6 Summary 79

3 Member schemes of arrangement: takeover schemes 82

3.1 Introduction 82

3.2 The definition of ‘member’ for the purpose of a schemeof arrangement 85

3.3 The use of a scheme of arrangement as an alternative to atakeover 86

3.3.1 The structure of a takeover effected by a scheme as compared to atraditional offer 86

3.3.1.1 A takeover effected by a scheme 863.3.1.2 A takeover effected by an offer 89

3.3.2 A comparison of schemes and offers as mechanisms for effecting atakeover 93

3.3.2.1 Tax 943.3.2.2 Acquiring 100 per cent control of the target 943.3.2.3 Speed 963.3.2.4 Financial assistance 963.3.2.5 US shareholders 993.3.2.6 Lost and untraceable shareholders 1013.3.2.7 Ability of dissenting shareholders to block a bid 1013.3.2.8 Hostile bids 1023.3.2.9 Contested bids 1043.3.2.10 The involvement of the court 1063.3.2.11 Structural flexibility 1073.3.2.12 The need to separate the members into classes in schemes 1083.3.2.13 Summary 108

3.4 The impact on takeover schemes of the Takeover Codeand the involvement of the Takeover Panel 108

vi contents






3.4.1 The role of the Takeover Panel and the Takeover Code inschemes 108

3.4.2 Substantive provisions 1133.4.2.1 Announcement 1143.4.2.2 Scheme circular and disclosures 1143.4.2.3 Scheme timetable 1163.4.2.4 Takeover Panel consents and consultations 117

3.5 Class meetings in a takeover scheme 118

3.5.1 General 118

3.5.2 The division of members into classes for the purpose of a takeoverscheme 120

3.5.2.1 Different treatment of members of the same class 1233.5.2.2 Members with shareholdings across different classes 1233.5.2.3 Members with shares in the bidder 1243.5.2.4 Short-term vs. long-term investors 1243.5.2.5 Irrevocable undertakings 1263.5.2.6 The position of the bidder and its subsidiaries 128

3.6 A comparison of minority protection in schemesand offers 130

3.6.1 Minority protection in a scheme 130

3.6.2 Minority protection in an offer 132

3.6.3 A comparison of these minority protection provisions 1343.6.3.1 Justifications for minority protection in an offer 1343.6.3.2 Justifications for minority protection in a scheme 137

3.7 Should takeovers be allowed by way of a schemeof arrangement? 139

3.7.1 The English approach compared to that of other jurisdictions 139

3.7.2 Approval thresholds 142

3.7.3 The use of schemes to bypass the takeover regime 145

3.7.4 Maximising value for the target shareholders 147

3.8 Summary 148

4 Member schemes of arrangement: other examples 151

4.1 Introduction 151

4.2 Schemes used to reorganise a corporate group: theintroduction of a new holding company (holdcoschemes) 151

4.2.1 The use of holdco schemes 1514.2.1.1 Redomicile of a corporate group 152

contents vii






4.2.1.2 The creation of additional distributable reserves 153

4.2.2 The usual form of a holdco scheme 154

4.2.3 Why schemes might be valuable as a tool to reorganise corporategroups 157

4.2.3.1 Additional provisions of the Companies Act 2006: reconstructionsand amalgamations 157

4.2.3.1.1 The meaning of ‘reconstruction’ and ‘amalgamation’ 158

4.2.3.1.2 Ancillary orders 160

4.2.3.1.3 Part 27 of the Companies Act 2006 1614.2.3.2 Financial assistance 163

4.3 The use of schemes in mergers and demergers 164

4.3.1 Mergers 164

4.3.2 Demergers 169

4.4 The use of schemes to alter class rights 172

4.5 The use of schemes to remove minorityshareholders 173

4.6 Summary 174

5 Creditor schemes of arrangement: debt restructuring 175


5.2 The definition of ‘creditor’ for the purpose of a schemeof arrangement 179

5.2.1 Contingent claims 181

5.2.2 Secured creditors 182

5.2.3 Beneficial owners 183

5.2.4 Bondholder schemes of arrangement 184

5.3 The use of schemes as a debt restructuring tool 187

5.4 The use of a workout to restructure a company’s debt 191

5.5 The use of CVAs and the comparison with schemes 195

5.5.1 Who is bound by a CVA? 198

5.5.2 Minority creditor protection 2005.5.2.1 Minority protection in a debt restructuring scheme 200

5.5.2.1.1 Classes in creditor schemes 200

5.5.2.1.2 Sanction of the court 2055.5.2.2 Minority protection in a CVA 206

5.5.3 The role of an insolvency practitioner 212

viii contents






5.5.4 The role of the court 214

5.5.5 The role of members 215

5.5.6 Small company moratorium 216

5.5.7 Complexity and speed 220

5.5.8 A comparison of the use of CVAs and schemes in practice 221

5.6 The use of schemes instead of or alongside administrationas a debt restructuring device 224

5.6.1 The development of administration in English law 224

5.6.2 A comparison between schemes and administration as a debtrestructuring device 230

5.6.2.1 A scheme is not an insolvency procedure 2305.6.2.2 Early intervention 2315.6.2.3 Debtor in possession 2335.6.2.4 Existence of a moratorium 2345.6.2.5 Recognition in the EU 2385.6.2.6 Cramdown 2395.6.2.7 Minority creditor protection 2425.6.2.8 Summary 244

5.6.3 The use of schemes twinned with administration 2475.6.3.1 The development of these schemes 2475.6.3.2 Valuation 249

5.7 The need for reform 253

5.7.1 Corporate reorganisations in the US under Chapter 11 2545.7.1.1 General 2545.7.1.2 Formulating a plan 2565.7.1.3 Consideration of the plan by creditors and/or shareholders 2585.7.1.4 The court’s confirmation of the plan 259

5.7.2 Suggestions for reform 263

5.8 Summary 267

6 Creditor schemes of arrangement: other examples 270


6.2 Settling outstanding or future claims within the insuranceindustry 270

6.3 Injecting capital into a company where there are existingshareholder claims 276

6.4 Schemes and liquidation 279

6.5 Summary 285

contents ix






7 Cross-border issues 286


7.2 Can foreign companies make use of the English schemejurisdiction? 288

7.2.1 The meaning of ‘a company’ for scheme purposes 288

7.2.2 Additional conditions imposed by the court 289

7.2.3 The effect of EU Regulations 2927.2.3.1 The effect of the Insolvency Regulation 2957.2.3.2 The effect of the Judgments Regulation 2997.2.3.3 Should the English scheme jurisdiction be available for these

companies? 304

7.3 Will schemes sanctioned by the English court be recognisedand given legal effect elsewhere in the world? 306

7.3.1 Under the domestic private international law of thejurisdiction 307

7.3.2 Under the Insolvency Regulation 307

7.3.3 Under the Judgments Regulation 308

7.3.4 Under Rome I 312

7.3.5 Under the UNCITRAL Model Law on Cross-BorderInsolvency 313

7.3.6 Under Chapter 15 of the US Bankruptcy Code 314

7.3.7 Under the concept of universalism 316

7.3.8 Under parallel schemes of arrangement 319

7.3.9 By enforcing the English scheme overseas as a judgment 320

7.3.10 A practical solution 321

7.4 Cross-border schemes and forum shopping 321

7.5 Summary 323

8 The geographical development of schemes ofarrangement 325


8.2 Australia 326

8.3 New Zealand 333

8.4 Canada 340

8.5 Hong Kong 347

x contents






8.6 Singapore 351

8.7 Malaysia 355

8.8 India 357

8.9 South Africa 360

8.10 British Virgin Islands (BVI) 366

8.11 Bermuda 367

8.12 Cayman Islands 368

8.13 Overview of overseas scheme provisions 371

8.14 The availability of functional equivalents to the Englishscheme of arrangement in other jurisdictions 376

8.14.1 US 377

8.14.2 Europe 379

8.15 Summary 382

9 Conclusion 383

Index 390

contents xi






FOREWORD

There has long been perceived to be a gap in the market for a monographof this kind. A number of texts deal with schemes as part of company lawor restructuring and insolvency law. However, there did not seem to beone place in which the many years of learning in respect of schemes ofarrangement could be found.

The statutory text is so brief, and so much of the law consists of caselaw, that no real idea of the subject can be gained without either knowingor finding the cases set out and explained in this work.

Professor Jenny Payne has done an excellent job of researching, collatingand explaining all conceivable aspects of schemes. The English scheme as itnow exists is a witness to the genius of English law in using a brief statutoryprovision originating in the nineteenth century to handle shareholder andcreditor reorganisations, restructurings and takeovers in cases involvinglarge sums and considerable complexity.

The success of English law schemes has been such that they have beenexported to other English-law-based jurisdictions throughout the BritishCommonwealth and, more recently, have influenced the development ofContinental legal systems.

Recent developments are particularly noticeable in what the EuropeanCommission calls ‘pre-insolvency’ situations, in which debt needs to berestructured to prevent insolvency and the threat of insolvency proceed-ings. Our EU partners have statutory compromises and compositions inthe context of insolvency proceedings, but in the past have not generallyhad the equivalent of English schemes for pre-insolvency situations.In particular, they lacked (and in most cases still lack) the tremendousflexibility of the English scheme. Nor do they have the long and detailedexperience together with the expertise developed in English practice.This has led to some ‘good’ forum shopping by companies from otherEU Member States seeking to restructure through schemes here and tosome recent attempts in Continental jurisdictions to adopt a scheme-likemechanism.

xiii






Another relatively recent development has been the ability of thescheme in England or in an English-law-based jurisdiction to act parallelto a US Chapter 11 reorganisation, sometimes assisted by an adminis-tration or provisional liquidation in the English-law-based jurisdiction.

The legislation in England has somehow resisted any significantamendment. The utility of pre-insolvency schemes could be improvedby enabling the court to protect assets by staying attacks by creditors, asin Singapore. But even without a stay, the scheme continues to work wellin most cases.

The very comprehensive statement of the law in this work is a ‘musthave’ for anyone dealing with this field.

Gabriel Moss QCSouth Square

Visiting Professor in CorporateInsolvency Law at theUniversity of Oxford

xiv foreword






PREFACE AND ACKNOWLEDGEMENTS

The inspiration for this book arose from teaching schemes of arrange-ment in Oxford both as part of the Corporate Finance law course (inrelation to takeover schemes) and as part of the Corporate Insolvencylaw course (in relation to debt restructuring schemes). At the time therewas no academic discussion of schemes and very little discussion ofschemes in the practitioner literature, and what existed was often quitetargeted and transaction-specific, dealing with instances of differentkinds of scheme rather than schemes as a whole. There was no treatmentof both creditor and member schemes, and little or no analysis of thebigger issues that arise, such as why schemes are valuable, whether theygive rise to minority protection issues, whether schemes should beused in particular scenarios and whether and how schemes need to bereformed. In the last few years the growth of my interest in schemes hascoincided with a renaissance in the use of schemes generally. Manypractitioners and academics are turning their attention to this area andare starting to appreciate that it is important, tricky and deserving ofattention and rigorous analysis. It has been a good time to be thinkingabout and writing about schemes.

In writing this book I have been assisted by a large number of people. Ihave had the benefit of discussing these issues in graduate classes inCorporate Finance law and Corporate Insolvency law with a set of wonder-ful colleagues and friends, including John Armour, Paul Davies, HorstEidenmüller, Louise Gullifer, Gabriel Moss and Nick Segal, as well as withbright and engaged cohorts of students. Over this period Louise Gulliferand I organised two conferences in Oxford on Corporate Insolvency lawat which schemes were discussed and I would like to thank the participantsin those conferences for their conversations and input into this project.I have also been assisted through conversations with a number of otherpractitioners and academics working in this field including Reinhard Bork,Robin Dicker, Nicholas Myatt, Georg Ringe and Richard Snowden. I wouldalso like to thank Sarah Carter, Laura Brocklehurst and Mo Senouci (all of

xv






Travers Smith) who have read and commented on draft chapters. I wasassisted by two excellent research assistants, Matthew Abraham andNatalie Mrockova. Special thanks go to Gabriel Moss, who kindly agreedto provide a foreword to this book, but who has also read and com-mented on chapters of the book and engaged in numerous conversationsabout schemes of arrangement in the last few years. I would also like toacknowledge the general support and encouragement I have had fromother colleagues, in particular Eilis Ferran and Niamh Moloney, whichhas been invaluable.

I am grateful to Cambridge University Press, and particularly FinolaO’Sullivan, for overseeing the production of this book through its vari-ous stages with great care and skill.

Finally I would like to thank my husband, Nick, and my children,Tom, Emily and Oliver, for their support, encouragement and patienceduring this project. This book is dedicated to them.

This book aims to state the law as at 1 September 2013.

Jennifer PayneOxford

xvi preface and acknowledgements






TABLE OF CASES

United Kingdom – England

Abbey National plc, Re [2004] EWHC 2776 (Ch); [2005] 2 BCLC 15 67nAlabama, NewOrleans Texas & Pacific Junction Railway Co, Re [1891] 1 Ch 213 65n,73n, 75n, 85n, 120n, 123n, 180n, 182n, 204n

Allen v. Gold Reefs of West Africa Ltd [1900] 1 Ch 656 137n, 176nAllied Domecq plc, Re [2000] BCC 582 79nAltitude Scaffolding Ltd, Re [2006] EWHC 1401 (Ch); [2006] BCC 904 40n, 45nAnglo American Insurance Co Ltd, Re [2001] 1 BCLC 755 46n, 50n, 51n, 73n, 201n,231n, 282n

Anglo-Continental Supply Company Limited, Re [1922] 2 Ch 723 73n, 172nAssenagon Asset Management SA v. Irish Bank Resolution Corporation Ltd [2012]EWHC 2090 (Ch) 18n

Astec (BSR) plc, Re [1998] 2 BCLC 556 135nA W Allen Ltd, Re [1930] VLR 251 124nAzevedo v. Imcopa Importacao, Exportacao e Industria de Oleos Ltda [2013] EWCACiv 364 202n

Banque des Marchands de Moscou (Koupetschesky) v. Kindersley [1951] Ch 11227n, 288n

BAT Industries plc, Re, unreported, 3 September 1998 4n, 69n, 74, 173nBCCI SA (No. 3), Re [1993] BCLC 1490 280nBluebrook Ltd, Re [2009] EWHC 2114 (Ch); [2010] 1 BCLC 338 42n, 43–44, 45,59–61, 74n, 77, 80, 183n, 190–91, 199, 206n, 215n, 241–42, 248, 249–53, 259n, 261,264n, 266, 269, 385

Bluecrest Mercantile BV; FMS Wertmanagement AÖR v. Vietnam ShipbuildingIndustry Group [2013] EWHC 1146 (Comm) 235n

BLV Reality Organization Ltd v. Batten [2009] EWHC 2994 (Ch); [2010] BPIR 277243n

Bowkett v. Fullers United Electric Works Ltd [1923] 1 KB 160 234nBrailey v. Rhodesia Consolidated Ltd [1910] 2 Ch 95 171nBritish America Nickel Corporation v. O’Brien [1927] AC 369 176n

xvii






British & Commonwealth Holdings Plc (No.3) [1992] 1 WLR 672 42n, 52n, 198n,201n

British and Commonwealth Holdings plc v. Barclays Bank plc [1996] 1BCLC 1 79n

British Aviation Insurance Co Ltd, Re [2005] EWHC 1621 (Ch); [2006]BCC 14 47n, 53, 58n, 72n, 74–75, 75n, 78, 177, 201n, 203n, 271n, 272n,275n, 310n

Brooklands Selangor Holdings Ltd v. IRC [1970] 2 All ER 76 158nBTR plc, Re (Leave to Appeal) [2000] 1 BCLC 740 74n, 121n, 124n, 127, 144nBTR plc, Re [1999] 2 BCLC 675; [2000] 1 BCLC 740 33n, 48–50, 49n, 56–57, 58n,74n, 77, 121, 123, 124n, 127, 128, 129, 144n, 221, 329n

Bugle Press Ltd, Re [1961] Ch 270 93n, 133n, 138n, 364nCambridge Gas Transport Corporation v. Official Committee of Unsecured Creditorsof Navigator Holdings plc [2006] UKPC 26; [2007] 1 AC 508 43n, 319n

Cancol Ltd, Re [1996] 1 All ER 37 180, 198nCaparo Industries plc v. Dickman [1990] 2 AC 605 91nCape plc, Re [2006] EWHC 1316 (Ch); [2006] 3All ER 122 74n, 232–33

Carruth v. Imperial Chemical Industries Ltd [1937] AC 707 38nCastle Holdco 4 Ltd, Re [2009] EWHC 1347 (Ch) 186nCattles plc v. Welcome Financial Services Ltd [2010] EWCA Civ 599; [2010]2 BCLC 712 189n

Charterhouse Investment Trust Ltd v. Tempest Diesels Ltd [1986] BCLC 1 98nChaston v. SWP Group plc [2002] EWCA Civ 1999; [2003] 1 BCLC 675 97nChez Nico (Restaurants) Ltd, Re [1992] BCLC 192 93n, 133n, 138n, 364nChittenden v. Pepper [2006] EWHC 1511 (Ch); [2007] BCC 195 198nCitco Banking Corp NV v. Pusser’s Ltd [2007] UKPC 13 (PC); [2007]2 BCLC 483 137n

Citizens and Graziers’ Life Assurance Company Limited v. Commonwealth Life(Amalgamated) Assurances Limited (1934) 51 CLR 422 160n

City and County Investment Co, Re (1879) 13 Ch D 475 171n, 172nCity Property Investment Trust Corp Ltd [1951] SLT 371 34nCleve v. Financial Corporation (1873) LR 16 Eq 363 171nClinch v. Financial Corporation (1868) LR 5 Eq 450 171nClydesdale Bank Ltd, Re [1950] SLT 123 33nCompania de Electricidad de la Provencia de Buenos Aires Ltd, Re [1980] 1Ch 146 85n, 119–20n, 180n

Cortefiel SA and MEP Sarl, Re [2012] EWHC 2998 (Ch) 201n, 287n, 292nCourage Group’s Pension Schemes, Re [1987] 1 All ER 528 158nDAP Holding NV, Re [2005] EWHC 2092 (Ch); [2006] BCC 48 275n, 292n, 296n,300n, 301n, 304, 308n

xviii table of cases






Debtor (No.101 of 1999), Re a [2001] 1 BCLC 54 209nDebtor (No. 140 of 1995), Re a [1996] 2 BCLC 429 197nDebtor (No. 259 of 1990), Re a [1992] 1 All ER 641 207nDebtor (No. 222 of 1990), ex p The Bank of Ireland, Re a [1992]BCLC 137 207n

Diamond Resorts (Europe) Ltd, Re [2012] EWHC 3576 (Ch); [2013]BCC 275 169n

Dominion of Canada Freehold Estate and Timber Co Ltd, In re (1886)55 LT 347 8

Doorbar v. Alltime Securities Ltd (No. 2) [1995] BCC 728 198nDorman Long and Co Ltd, Re [1934] 1 Ch 635 10n, 34n, 35n, 352nDrax Holdings Ltd, Re [2003] EWHC 2743 (Ch); [2004] 1WLR 1049 28n, 287n, 290,292n, 294n, 296n, 320

Dunderland Iron Ore Co Ltd, Re [1909] 1 Ch 446 186nDX Holdings Ltd [2010] EWHC 1513 (Ch) 37n, 203nEmpire Mining Co, Re (1890) 44 Ch D 402 182nEquitable Life Assurance Society, Re [2002] EWHC 140 (Ch); [2002] BCLC 510 16n,41–42, 47n, 60n, 67n, 74n, 79n

Expro International Group plc, Re [2008] EWHC 1543 (Ch); [2010] 2 BCLC 514110–13

Fiske Nominees Ltd v. Dwyka Diamond Ltd [2002] EWHC 770; [2002] 2 BCLC 12393n, 133n, 138n, 364n

Fletcher v. Royal Automobile Club Ltd [2000] 1 BCLC 331 79n, 94nGallery Capital SA and Gallery Media Group Ltd, Re, unreported,21 April 2010 186n

Gatnom Capital & Finance Ltd, Re [2010] EWHC 3353 (Ch) 208nGeneral Motor Cab Co Ltd, Re [1913] 1 Ch 377 (CA) 21n, 172nGibbs & Sons v. Societe Industrielle et Commerciale des Metaux (1890) 25 QBD 399307n

Glenister v. Rowe [2000] Ch 76 181nGlobal Investment House KSC, Re [2012] EWHC 3792 (Ch) 78n, 286nGoodfellow v. Nelson Line (Liverpool) Ltd [1912] 2 Ch 324 76nGuardian Assurance Company, Re [1917] 1 Ch 431 21n, 88nHarmer v. Armstrong [1934] Ch 65 186nHawk Insurance Co Ltd, Re [2001] EWCA Civ 241; [2002] BCC 300 18–19, 36–37,46–47, 48, 51–52, 51n, 52–53, 54–57, 73n, 80, 120–21, 122, 123, 123n, 127, 128, 200,201, 221, 273, 281

Hellenic & General Trust Ltd [1976] 1 WLR 123 37n, 48, 58n, 77, 128–29, 128n, 129,142n

Heron International NV, Re [1994] 1 BCLC 667 204nHIH Casualty and General Insurance Ltd [2008] UKHL 21; [2008]1 WLR 852 316n, 317n

table of cases xix






Hooper v. Western Counties and South Wales Telephone Co Ltd (1892) 68 LT 78159n

Imperial Chemical Industries Ltd, Re [1936] 2 Ch 587 36nInternational Contract Co (Hankey’s Case), In re (1872) 26 LT 358 33nInternational Tin Council, Re [1989] Ch 309 25nItau BBA International Ltd, Re [2012] EWHC 1783 (Ch); [2013] BCC 225 167nJessel Trust Ltd, Re [1985] BCLC 119 35n, 127n, 131nKaye v. Croydon Tramways Co [1898] 1 Ch 358 10nKempe v. Ambassador Insurance Co [1998] 1 WLR 271 79n, 280n, 310nKing v. Anthony [1998] 2 BCLC 517 220nKnowles v. Scott [1891] 1 Ch 717 280nLa Mutuelles Du Mans Assurances IARD, Re; Scottish Eagle Insurance Co Ltd, Re[2005] EWHC 1599 (Ch); [2006] BCC 11 274n, 275n, 316

La Seda de Barcelona SA, Re [2010] EWHC 1364 (Ch); [2011] 1 BCLC 555 24n, 292n,296n, 298n

Latreefers Inc, Re [2001] BCC 174 28n, 289nLehman Brothers International (Europe) (in administration), Re [2009]EWCA Civ 1161; [2010] 1 BCLC 496 20n, 21n, 22n, 23, 85n, 180n, 182n,183–84, 283n

Lehman Bros International (Europe), Re [2008] EWHC 2869; [2009]BCC 632 243n

McCarthy & Stone plc, Re [2009] EWHC 1116 201nMcCarthy v. McCarthy & Stone plc [2006] EWHC 1851 (Ch); [2006] 4 AllER 1127 201

Mann Group plc, Re [2012] EWHC 4089 (Ch) 153nMarch Estates plc v. Gunmark Ltd [1996] 2 BCLC 1 196nMarconi Corp plc, Re [2003] EWHC 1083 (Ch) 180n, 187nMarconi Corp plc, Re [2013] EWHC 324 (Ch) 2nMarconi Corporation plc v. Marconi plc [2003] EWHC 663 (Ch) 72nMB Group plc, Re [1989] BCLC 672 88nMetrovacesa SA, Re [2011] EWHC 1014 (Ch) 28n, 204n, 287n, 292n, 313nMidland, Coal, Coke and Iron Co, Re [1895] 1 Ch 267 58n, 85n, 180nMinster Assets plc, Re [1985] BCLC 200 35nMorgan Crucible Co plc v. Hill Samuel & Co Ltd [1991] Ch 295 91nMourant & Co Trustees Ltd v. Sixty UK Ltd (in administration) [2010] EWHC 1890(Ch); [2010] BCC 882 208n

MT Realisations Ltd v. Digital Equipment Co Ltd [2002] EWHC 1628 (Ch); [2002] 2BCLC 688 97n

Mutual Life Insurance Co of New York v. Rank Organisation Ltd [1985] BCLC 11134n

MyTravel Group plc, Re [2004] EWCA Civ 1734; [2005] 2 BCLC 123 44n, 47n, 52n,157n, 158–59, 158n, 166n, 202n, 247–48, 249, 250, 259n, 261

xx table of cases






MyTravel Group plc, Re [2004] EWHC 2741 (Ch); [2005] 1 WLR 2365 47, 52, 202National Bank Ltd, Re [1966] 1 WLR 819 21n, 58n, 128n, 144, 144n, 350nNeath and Brecon Railway, Re [1892] Ch 349 71nNEF Telecom Company BV, Re [2012] EWHC 2944 (Comm) 28n, 201n, 204n, 287n,291n, 292n, 303n, 307

NFU Development Trust Ltd, Re [1972] 1 WLR 1548 21n, 75, 107nNokes v. Doncaster Amalgamated Collieries Ltd [1940] AC 1014 161nNT Gallagher & Son Ltd, Re [2002] EWCA Civ 404; [2002] 1 WLR 2380 222nO’Neill v. Phillips [1999] 1 WLR 1092 (HL) 135nOceanic Steam Navigation Co Ltd, In re [1939] Ch 41 30n, 43n, 69n, 88nOriental Commercial Bank, Re Alabaster’s Case (1868–69) LR 7 273 171nOsiris Insurance Ltd, Re [1991] 1 BCLC 182 74nPalace Hotel Ltd, Re [1912] 2 Ch 438 9nPan Atlantic Insurance Co Ltd, Re [2003] EWHC 1696 (Ch); [2003] 2 BCLC 678271n

Partco Group Ltd v. Wragg [2002] EWCA Civ 594; [2002] 2 BCLC 323 91nPayne v. The Cork Co Ltd [1900] 1 Ch 308 171nPCCW Ltd, Re [2009] HKCA 178 41nPeninsular and Oriental Steam Navigation Co v. Eller, unreported, 9 October 200669n

Perusahaan Perseroan (Persero) PT Perusahaan Penerbangan Garuda Indonesia, Re,unreported, 4 October 2001; [2001] All ER (D) 53 (Oct) 42, 70n

Peter Scott & Co Ltd [1950] SLT 310 33nPortsmouth City FC Ltd, Re [2010] EWHC 2013 (Ch); [2011] BCC 149 208nPowerstore (Trading) Ltd, Re [1997] 1 WLR 1280 225nPrimacom Holdings GmbH, Re [2011] EWHC 3746 (Ch); [2012] EWHC 164 (Ch);[2013] BCC 201 28n, 183n, 201n, 203, 203n, 287n, 291n, 292n, 296n, 302n, 304,313n

Prudential Assurance Co Ltd v. PRG Powerhouse Ltd [2007] EWHC 1002 (Ch); [2007]BCC 500 208–9, 208n, 210, 210n

R v. Panel on Takeovers and Mergers ex p Datafin [1987] QB 815 106nR v. Panel on Takeovers and Mergers ex p Fayed [1992] BCC 524 106nR v. Panel on Takeovers and Mergers ex p Guinness plc [1990] 1 QB 146 106nRAC Motoring Services Ltd, Re [2000] 1 BCLC 307 35n, 69n, 74nRankin & Blackmore Ltd [1950] SC 218 33nRatners Group plc, Re [1988] BCLC 685 156nReal Estate Development Co, Re [1991] BCLC 210 28n, 289nResidues Treatment & Trading Co Ltd v. Southern Resources Ltd (1988) 14 ACLR375 33n, 35n

RMCA Reinsurance Ltd, Re [1994] BCC 378 45nRobert Stephen Holdings Ltd, Re [1968] 1 WLR 522 45n, 122n

table of cases xxi






Rodenstock GmbH, Re [2011] EWHC 1104 (Ch); [2012] BCC 459 25n, 27–28, 70n,183n, 287n, 289n, 290n, 291n, 292n, 294n, 295n, 296n, 298n, 299, 299n, 302, 302n,304, 305, 305n, 306n, 308, 309n, 312n, 313n, 386

Rubin v. Eurofinance SA; New Cap Reinsurance Corp v. Grant [2012] UKSC 46;[2013] 1 AC 236 314n, 319n

Rylands-Whitecross Limited, Re, 21 December 1973, unreported 89, 94nSt James’ Club, Re, 2 De GM & G 383 25–26Saltri III Ltd v. MD Mezzanine SA SICAR [2012] EWHC 3025 (Comm); [2013] 2BCLC 217 192n

Savoy Hotel Ltd, Re [1981] Ch 351 9n, 21n, 29–31, 83, 89n, 103, 103nScottish Eagle, Re [2005] EWHC 2683 (Ch) 275nScottish Eagle, Re; La Mutuelles see La Mutuelles Du Mans Assurances IARD; ReScottish Eagle Insurance Co Ltd

Sea Assets Ltd v. PT Garuda Indonesia, 27 June 2001, unreported 234–35Seat Pagine Gialle SpA, Re [2012] EWHC 3686 (Ch) 201n, 203, 287n, 291n, 292n,299, 303n

Senator Hanseatische Verwaltungsgesellschaft mbH, Re [1996] 2 BCLC 562 (Ch)295n

Short v. Treasury Commissioners [1948] AC 534 134nSisu Capital Fund Ltd v. Tucker [2005] EWHC 2170 (Ch); [2006] BCC 463 209nSneath v. Valley Gold Ltd [1893] 1 Ch 477 21nSoden v. British and Commonwealth Holdings plc (in administration) [1998] AC298 277n, 278, 278n

South African Supply and Cold Storage Company, Re [1904] 2 Ch 268 158n, 159n,160, 160n

Sovereign Life Assurance Co v. Dodd [1892] 2 QB 573 46, 48, 51–52, 56, 79n, 120–21,122, 200, 273n, 288n, 292n, 296n, 297n, 310n

Sovereign Marine and General Insurance Co Ltd, Re [2006] EWHC 1335 (Ch); [2007]1 BCLC 228 53, 288, 292, 296, 297, 310

SSSL Realisations (2002) Ltd (in liquidation), In re [2006] EWCA Civ 7; [2006]Ch 610 189n

Sweatfield Ltd, Re [1997] BCC 744 198nT & N Ltd (No 3), Re [2006] EWHC 1447 (Ch); [2007] 1 All ER 851; [2007] 1 BCLC563 21n, 22–23, 22n, 23, 59n, 181–82, 198n, 283n, 284n

T & N Ltd (No 2), Re [2005] EWHC 2870; [2006] 1 WLR 1728 179, 180n, 181T & N Ltd, Re [2004] EWHC 2361 (Ch); [2005] 2 BCLC 488 211Taurusbuild Ltd v. Svenska Handelsbanken, unreported, 16 December, 1994, CA179n

TBL Realisations plc, Re [2002] EWCA Civ 1217; [2004] BCC 81 200nTDG plc, Re [2008] EWHC 2334 (Ch); [2009] 1 BCLC 445 58n, 74n, 144n, 329n,350n

Tea Corporation Ltd, Re [1904] 1 Ch 12 42–43, 44–45, 80, 119n, 190, 241, 249n, 264n

xxii table of cases






TeleColumbas GmbH, Re, unreported, 14 December 2010 28nTelewest Communications plc, Re [2004] EWCA Civ 728; [2005] BCC 29 (CA) 47,51, 52, 245, 246, 284

Telewest Communications Plc (No 2), Re [2004] EWHC 1466 (Ch); [2005]BCC 36 69n, 78n, 127n, 245–46

Telewest Communications Plc (No 1), Re [2004] EWHC 924 (Ch); [2004] BCC 3426, 36n, 47n, 51n, 52n, 53, 71n, 127n, 202n, 203, 203n, 244n, 249n, 284n

Trix Ltd, Re [1970] 1 WLR 1421 280nTXU UK Ltd (in administration), Re [2002] EWHC 2784 (Ch); [2003] 2 BCLC 341225n

UCT (UK) Ltd, Re [2001] 1 WLR 436 225nUniq plc, Re [2011] EWHC 749 (Ch); [2012] 1 BCLC 783 2, 21–22, 97–99, 163–64,245n

Vietnam Shipbuilding Industry Groups, Re [2013] EWHC 2476 (Ch) 291n, 302n,303n

Walker’s Settlement, Re [1935] 1 Ch 567 160nWaste Recycling Group plc, Re [2003] EWHC 2065 (Ch); [2004] 1 BCLC 352 79n,121, 127

WBSL Realisations 1992 Ltd, Re [1995] 2 BCLC 576 225nWest Mercia Safetywear Ltd v. Dodd [1988] BCLC 250 44nWimbledon Football Club, Re [2004] EWHC 1020 (Ch); [2005] 1 BCLC 66 208Winter (exors of Sutherland (decd)) v. IRC [1963] AC 235 181nWitney Town Football and Social Club [1994] 2 BCLC 487 25n, 26, 26nWood DIY Ltd, Re [2011] EWHC 2089 (Ch); [2012] BCC 67 167n

United Kingdom – Scotland

Mercantile & General Reinsurance Company, Re, Court of Session, unreported, 1September 2005 275n

Scottish Lion Insurance Co Ltd v. Goodrich Corporation [2011] CSIH 18; 2011 SC534 275n

Scottish Lion Insurance Co Ltd v. Goodrich Corp [2010] CSIH 6, 2010 SC 349; [2010]BCC 650 2n, 5n, 68n, 176–77, 276n

Scottish Lion Insurance Co Ltd v. Goodrich Corp [2009] CSOH 127, 2010 SLT 1002n, 29, 275n, 276n

Singer Manufacturing Co v. Robinow, 1971 SC 11 83n, 128n

European Court of Justice

Gourdain (Case 133/78) [1979] ECR 733 293nLeonesio v. Italian Ministry of Agriculture and Forestry (Case 93/71) [1972] ECR 287;[1973] CMLR 343 298n

table of cases xxiii






Seagon v. Deko Marty Belgium NV (C-339/07) 305n, 322n, 323nSolo Kleinmotoren GmbH v. Boch (C-414/92) [1994] ECR I-2237 311nStaubitz-Schreiber (Case C-1/04) [2006] ECR I-701 (6 September 2005) 323n

Australia

ACM Gold Ltd, Re (1992) 7 ACSR 231 147n, 330, 330n, 331nAdvance Bank Australia Ltd, Re (1977) 22 ACSR 513 119nAlchemia Ltd, Re [2012] FCA 927 169nAlchemia Ltd (No. 2), Re [2012] FCA 1136 169nAllied Gold Ltd, Re [2011] QSC 108 152nAllied Gold Ltd (No. 2), Re [2011] QSC 194 152nArrow Energy Ltd, Re [2011] FCA 2 169nB & S Distributors Pty Ltd, Re (1986) 5 NSWLR 492 180nBacnet Pty Ltd v. Lift Capital Partners Pty Ltd (in liq); Tony Saad Pty Ltd v. Lift CapitalPartners Pty Ltd (in liq) (2010) 78 ACSR 57 329n

Centro Properties Ltd, Re (2011) 86 ACSR 584 329nCentro Properties Ltd, Re [2011] NSWSC 1171 329nChief Commissioner of Payroll Tax v. Group Four Industries Ltd [1984] 1 NSWLR680 79n

City of Melbourne Bank Ltd (in liq), Re (1897) 19 ALT 80 83nCity of Swan v. Lehman Brothers Australia Ltd (2009) 74 ACSR 191 22nCSR Ltd, Re (2010) 76 ACSR 454 170nFosters’ Group Ltd, Re [2011] VSC 93 169nGlendale Land Development (in liquidation), Re (1982) 17 ACLC 171 61nInternational Harvester Co of Australia Pty Ltd, Re [1953] VR 669 21nJames Hardie Industries Ltd, Re (2001) 39 ACSR 552 152nJax Marine Pty Ltd, Re [1967] 1 NSWR 145 128n, 200nLandmark Corporation Ltd, Re [1968] 1 NSWLR 759 76n, 204nLehman Brothers Asia Holdings Ltd (in Liquidation) v. City of Swan; LehmanBrothers Holdings Inc v. City of Swan [2010] HCA 11 328n

Lift Capital Partners Pty Ltd (in liq) (No. 2), Re [2010] FCA 84 329n, 330nLift Capital Partners Pty Ltd (in liq), Re [2009] FCA 1523 329nMacquarie Private Capital A Ltd, Re (2008) 26 ACLC 366 331nMarengo Mining Ltd, Re [2012] FCA 1220 152nMatine Ltd, Re (1998) 28 ACSR 268 143nMIM Holdings Ltd, Re [2003] 45 ACSR 559 65n, 331nMining Ltd (No. 2), Re [2012] FCA 1498 152nNiagara Mining Ltd, Re (2002) 47 ACSR 364 86nNicron Resources Ltd v. Catto (1992) 10 ACLC 1186 287nNine Entertainment Group Ltd (No. 1), Re [2012] FCA 1464 329nNine Entertainment Group Ltd (No. 2), Re [2013] FCA 40 329n

xxiv table of cases






NRMA, In re (2000) 33 ACSR 595 232nOpes Prime Stockbroking Limited, Re; Fowler v. Lindholm (2009) 74 ACSR 124 22n,43n, 328n

Opes Prime Stockbroking Limited (No 1), Re (2009) 73 ACSR 385; [2009] FCA 813158n, 160n

Opes Prime Stockbroking Ltd (No. 2) (2009) 73 ACSR 411 329nRanger Minerals Ltd, Re (2002) 42 ACSR 582 331nRift Valley Resources Ltd, Re [2012] FCA 952 331nR L Child & Co Pty Ltd, Re (1986) 10 ACLR 673; (1986) 4 ACLC 312 180nRoyal Victorian Institute for the Blind Ltd, Re [2004] FCA 735 161nSt Barbara Mines Ltd and Taipan Resources NL, Re (2000) 18 ACLC 913 147n, 331nSessions Video Distributors Pty Ltd, Re (1983) 10 ACSR 421 233nSons of Gwalia Ltd v. Margaretic (2007) HCA 1 278Stockbridge Ltd, Re (1993) 9 ACSR 637 127n, 330nStork ICM Australia Pty Ltd v. Stork Food Systems Australasia Pty Ltd [2006] FCA1849 161n

Strategic Energy Resources Ltd, Re [2011] VSC 645 169nTexon Petroleum Ltd, Re [2013] FCA 29 169nTheatre Freeholds Ltd, Re (1996) 20 ACSR 729 327nUnited Energy Ltd, Re [2003] VSC 266 331n

Bermuda

APP China Group Ltd [2003] no. 381 368nContel Corp Ltd, Re [2011] SC (Bda) 14 Com 318nKempe v. Ambassador Insurance Co [1998] 1 WLR 271 79n, 280nSaad Investments [2013] SC (Bda) 28 Com 319nValidus Holdings Ltd v. IPCHoldings Ltd andMax Capital Group Ltd [2009] SC (Bda)25 Civ (13 May 2009) 32–33, 103–4

British Virgin Islands (BVI)

Rio Verde Minerals Corporation, EM Subco (BVI) Inc, Talon Metals Corp (BVI HighCourt (Commercial) Claim 30 of 2011) 366n

Canada

Amoco Acquisition Co v. Dome Petroleum Co [1988] AJ No. 330 (CA) 344nBCE Inc v. 1976 Debentureholders, 2008 SCC 69 342n, 346nCavell Insurance Company limited, Re (2006) 269 DLR (4th) 679 321In the Matter of a Proposed Arrangement by Abitbi Consolidated Inc, 2009 QCCS6444 235n, 344n, 346–47

table of cases xxv






In the Matter of a Proposed Arrangement Involving Ainsworth Lumber Co Ltd,Ainsworth GP Ltd and Ainsworth Engineered Canada Limited Partnership, June 20,2008, No. S-084425 (BCSC) 344n

In the Matter of a Proposed Plan of Arrangement of Call-Net Inc, February 20, 2002,No. 01-CL-4423 (OSC) 235n

In the Matter of a proposed arrangement by Mega Brands, 2010 QCCS 1105 (finalorder) (QSC) 235n, 344n, 347n

In the Matter of a proposed arrangement by Mega Brands, 2010 QCCS 646 (interimorder) 235n, 344n, 347n

In the Matter of a Proposed Plan of Arrangement of Tembec Arrangement Inc,Tembec Industries Inc and Tembec Enterprises Inc, January 24, 2008, No. 08-CL-7367 (OSC) 235n, 344n, 346n

Masonite International Inc, Re [2009] OJ No. 3264 (SC) 344nMetcalfe and Mansfield Alternative Investments II Corp, Re 2008 ONCA 587 22nSt Lawrence & Hudson Railway Co [1998] OJ No. 3934 (SCJ) 342n, 345nStelco Inc, Re [2007] OJ No. 4234 (SCJ) 342nTrizecCorp, Re [1994] AJ No. 577 (QB) 342n

Cayman Islands

Euro Bank Corporation, Re [2003] CILR 205 370nIrving H Picard and Bernard L Madoff Investment Securities LLC v. Primeo Fund(14 January 2013) 319n

Sphinx Group of Companies, Re, unreported, 5 May 2010 22n, 369n

Germany

Akkordstörer BGHZ 116, 319 (BGH, IX ZR 178/91, 12 December 1991) 381nBGH, IV ZR 194/09, 15 February 2012 309n, 310nLG Potsdam, 2 O 501/07, 27 January 2011 310nOLG Celle 8 U 46/09, 8 September 2009 311n

Hong Kong

Industrial Equity (Pacific) Ltd, Re (1991) 2 HKLR 614 49n, 124n, 348nPCCW Ltd, Re [2009] HKCFI 243; [2009] 3 HKC 292 64–65, 76–77, 126n,348–49

PCCW Ltd, Re, unreported, HCMP 2382; [2009] HKCU 494 Lexis 65UDLHoldings Ltd, Re [2002] 1 HKC 172 (Final Court of Appeal of Hong Kong) 48n,52n, 54, 121n, 129n, 284n, 348

xxvi table of cases






India

Hindustan Lever Employees’ Union v. Hindustan Lever Ltd and others 1995 Supp. (1)SCC 499 358n

Miheer H Mafatlal v. Mafatlal Industries Ltd AIR 1997 SC 506 358nReserve Bank of India v. CRB Capital Markets Limited (21 November 2012) 360n

Malaysia

Kuala Lumpur Industries Bhd, Re [1990] 2 MLJ 180 236n, 354n, 356n, 357nPanglobal Bhd, Re [1999] 1 MLJ 590 36n

New Zealand

Canterbury Timber Products (unreported, HC, Christchurch, M63/82, 23 March1982) 336n

C M Banks Ltd, Re [1944] NZLR 248 71nSuspended Ceilings (Wellington) Ltd v. CIR [1995] 3 NZLR 143 335n, 336nTenon Limited, Re (High Court, unreported, CIV 204–404–99, 5 March 2004) 336nWeatherson v. Altus Property Investments Limited (2001) 9 NZCLC 262 336n

Singapore

Daewoo Singapore Pte Ltd v. CEL Tractors Pte Ltd [2001] 4 SLR 35 352nRoyal Bank of Scotland NV v. TT International Ltd [2012] SGCA 9 352nTT International Ltd, Re [2010] SGHC 177 76nWah Yuen Engineering Pte Ltd v. Singapore Cables Manufacturers Pte Ltd [2003] 3SLR 629 351n, 352n

South Africa

Rosen v. Bruyns NO [1973] 1 SALR 815 128n

United States

Board of Directors of Hopewell International Insurance Ltd, In re, 238 BR 25 (Bankr.SDNY 1999), aff’d 275 BR 699 (SDNY 2002) 315n

Castle Holdco 4 Ltd, In re, Case No. 09–11761 (Bankr. SDNY, 7 May 2009) 315nSGL Carbon Corporation 200 F.3d 154 (3rd Cir, 1999) 256nTelegraph Inc, Re, 281 F 3d 133 (3rd Cir, 2002) 277n

table of cases xxvii






TABLE OF LEGISLATION

United Kingdom

Statutes

Companies Act 2006 1–2, 15, 60–61, 90, 286ns.1 25ns.21 4n, 57n, 145n, 173n, 176n, 383–84s.97 95ns.98 95ns.112 18n, 85ns.126 59s.145 61ns.146 61ns.152 60ns.172 44ns.172(1) 265ns.232 234ns.234 234ns.235 234ns.236 234ns.237 234ns.238 234ns.251 234ns.303 32s.307A 116ns.324(1) 60ns.324(2) 60ns.328 60ns.329 60ns.593 87n, 155ns.593(2) 89ns.594(1)(2) 155ns.594(4) 155n

xxviii






s.594(6)(a)(i) 155ns.596 87ns.610 154ns.612 154ns.613 154ns.630 15n, 173n, 176ns.631 15n, 173n, 176ns.632 15n, 173n, 176ns.633 15n, 173ns.634 15n, 173ns.635 15n, 173ns.641(1) 88ns.641(2) 155ns.642 88n, 154ns.643 88n, 154ns.644 88n, 154ns.645 88n, 154n, 156ns.645(2) 155ns.646 88n, 156ns.646(2) 156ns.647 88n, 156ns.648 88n, 156ns.648(2) 155ns.649 88n, 156ns.649(3) 78n, 156ns.655 277ns.677 163ns.677(1) 97ns.677(1)(c) 98s.678 163ns.678(1) 96–97s.678(2) 97ns.678(4) 97ns.679 163ns.679(2) 97ns.679(4) 97ns.681(2)(e) 98–99, 164s.726(2) 57ns.755(1) 152ns.830(1) 153ns.895 7, 11, 83, 144, 184, 288n, 295n, 296, 297ns.895(1) 1, 18n, 30n

table of legislation xxix






s.895(2) 9, 20ns.895(2)(a) 25n, 27ns.895(2)(b) 25n, 27, 288ns.896 7, 11, 13n, 18, 86ns.896(1) 29n, 366ns.896(2) 18n, 29n, 103n, 366ns.896(2)(b) 29ns.897 7, 10n, 11, 31n, 33n, 36n, 104n, 131ns.897(1)(b) 36ns.897(2) 34ns.897(3) 34ns.897(4) 36ns.897(5) 36ns.897(6) 36ns.897(7) 36ns.897(8) 36ns.898 7, 11, 34ns.899 7, 11, 13n, 68n, 115s.899(1) 3n, 9, 18n, 38n, 57n, 71n, 86n, 101n, 187n, 206n, 239n, 244n, 332n,

386–87s.899(2) 11n, 68ns.899(3) 4n, 68n, 79ns.899(3)(a) 239ns.899(3)(b) 239ns.899(4) 4n, 18n, 78n, 86n, 117n, 156ns.900 11, 24–25, 27n, 157, 159, 166s.900(2) 160–61s.901 11, 78ns.901(5)(6) 369ns.902(1)(c) 162ns.902(2)(a) 162ns.902(2)(c) 162ns.903 161ns.904(1)(a) 162ns.904(1)(b) 162ns.905 162ns.906A 162ns.906A 162ns.906(3) 162ns.907 162ns.907(1) 162ns.908(2)(b) 163n

xxx table of legislation






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