The WLR Daily case summaries
[2024] WLR(D) 418
Chancery Division
UK Commercial Property Finance Holdings Ltd v Cine-UK Ltd and another
Crown Estate Commissioners v Cine-UK Ltd and another
[2024] EWHC 2475 (Ch)
2024 Sept 26; 30
Miles J
Company— Reorganisation of debt— Company in financial difficulty— Landlords granting companies rent concessions in return for companies undertaking not to seek further compromise of liabilities under leases— Companies subsequently seeking court’s sanction for restructuring plans— Landlords applying for injunction to exclude leases from restructuring plans on basis of negative covenants contained in undertakings— Whether court having jurisdiction to compromise negative covenants— Whether appropriate to exercise equitable jurisdiction to enforce negative covenant excluding particular creditors— Whether departure from pari passu principle justified—
Companies Act 2006 (c 46), ss 901C, 901F, 901G