section 899 scheme

section 899 scheme
scheme of arrangement, Also known as section 899 scheme.
A compromise or arrangement between a company and its members or creditors (or any class of them) under Part 26 of the Companies Act 2006. A company can effect almost any kind of internal reorganisation, merger or demerger restructuring under Part 26.
The scheme requires approval by a majority in number representing three-quarters in value of the members or creditors (or class of members or creditors, as relevant) who vote at the meeting convened by the court for the purpose of considering the scheme. It also requires court approval. If the scheme includes a reduction of capital, a separate special resolution (requiring a 75% majority of those voting) is also necessary.
Once approved by shareholders and sanctioned by the court, the arrangements are binding on all members or creditors (or class of members or creditors, as relevant) and the company.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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