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Version Superseded: 06/04/2008
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420.—(1) This Article applies where application is made to the court under Article 418 for the sanctioning of a compromise or arrangement proposed between a company and any such persons as are mentioned in that Article.
(2) If it is shown—
(a)that the compromise or arrangement has been proposed for the purposes of, or in connection with, a scheme for the reconstruction of any company or companies, or the amalgamation of any two or more companies, and
(b)that under the scheme the whole or any part of the undertaking or the property of any company concerned in the scheme ( “a transferor company”) is to be transferred to another company ( “the transferee company”),
the court may, either by the order sanctioning the compromise or arrangement or by any subsequent order, make provision for all or any of the following matters.
(3) The matters for which the court's order may make provision are—
(a)the transfer to the transferee company or the whole or any part of the undertaking and of the property or liabilities of any transferor company,
(b )F1the allotting or appropriation by the transferee company of any shares, debentures, policies or other like interests in that company which under the compromise or arrangement are to be allotted or appropriated by that company to or for any person,
(c)the continuation by or against the transferee company of any legal proceedings pending by or against any transferor company,
(d)the dissolution, without winding up, of any transferor company,
(e)the provision to be made for any persons who, within such time and in such manner as the court directs, dissent from the compromise or arrangement,
(f)such incidental, consequential and supplemental matters as are necessary to secure that the reconstruction or amalgamation is fully and effectively carried out.
(4) If an order under this Article provides for the transfer of property or liabilities, then—
(a)that property is by virtue of the order transferred to, and vests in, the transferee company, and
(b)those liabilities are, by virtue of the order, transferred to and become liabilities of that company;
and property (if the order so directs) vests freed from any charge which is by virtue of the compromise or arrangement to cease to have effect.
(5) Where an order is made under this Article, every company in relation to which the order is made shall cause an office copy of the order to be delivered to the registrar for registration within 7 days after its making; and if default is made in complying with this paragraph, the company and every officer of it who is in default is liable to a fine and, for continued contravention, to a daily default fine.
(6 )F1 In this Article “property” includes property, rights and powers of every description; “liabilities” includes duties and “company” includes only a company as defined in Article 3(1).
F1mod. by SR 2004/307
F2Order repealed (prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16 and the repeal being partly in force, as to which see individual Articles (with savings (with adaptations) by Companies Act 2006 (Commencement No. 6, Saving and Commencement Nos. 3 and 5 (Amendment)) Order 2008 (S.I. 2008/674), arts. 2(3), {4}, Sch. 2) and subject to amendments (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b)(2), Sch. 1 paras. 135, 147, 148 {Sch. 2 Note 1} (with arts. 6, 11, 12) and subject to amendments (6.4.2008) by S.R. 2008/133, {regs. 2, 3}
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