In re APCOA Parking Holdings GmbH and others [2014] EWHC 3849 (Ch); [2014] WLR (D) 499
‘The court had jurisdiction to sanction a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 where, pursuant to a change of law clause in a facilities agreement governing the indebtedness of the scheme companies, a change of governing law to English law had been effected, even though the parties were incorporated in another jurisdiction and had COMI in another jurisdiction. The change of law was valid even where the original choice of law was the foundation for access to the processes and provisions of the new law chosen and those processes and provisions enabled the same parties as objected to the change of law to be placed under compulsion to accept some further change in their existing contractual rights.’
WLR Daily, 19th November 2014
Source: www.iclr.co.uk
