North of the Border: Waiver of proceedings
The recent opinion of Lord Glennie in the petition of Scottish Lion Insurance Company considered application of the principle of waiver to proceedings under section 899 of the Companies Act 2006. This is the first judicial finding on the application of this principle under the Act in either Scotland or England.
At the start of the process for sanction of the scheme, the court ordered meetings of the creditors to be held in terms of section 896 of the Companies Act 2006. Progress of the petition depended upon
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