Jurisdiction(s):
United Kingdom

Re Link Fund Solutions Ltd: sanctioning an FCA-regulated scheme—class composition, explanatory statement, FSCS/FOS rights and ‘blots’ considered (High Court, England and Wales).

Published on: 08 March 2024

Published by a LexisNexis Restructuring & Insolvency expert

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Article summary

Re Link Fund Solutions Ltd [2024] EWHC 250 (Ch)

What are the practical implications of this case?

This judgment will interest practitioners seeking to understand the court’s approach to sanctioning a scheme of arrangement for an FCA‑regulated entity. It underscores the scheme’s flexibility and the advantages of engaging early with relevant stakeholders. Of particular note was the appointment of an independent investor committee and an independent investor advocate, who engaged directly with creditors and reported to the court on the adequacy of the Scheme. That mechanism created a practical and accessible forum to address creditors’ common questions and concerns, and to improve the overall flow of communications. The independent investor advocate also served as a single point of contact for creditors and channelled feedback about how information on the Scheme might best be communicated in a more ‘user friendly’ form...

What was the background?

LFSL acted as the Authorised Corporate Director of the LF Equity Income Fund (‘Fund’), providing both fund administration and portfolio management. The Fund initially performed well; however, from mid‑2017 its liquidity profile deteriorated, which in turn generated numerous requests from investors wishing to redeem their investments...

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