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Positive results from restructure votes as Group’s Sanction Hearing gets new date

The Great Annual Savings Company Ltd (“GAS”) has now completed all of its Plan Meetings and taken all votes on its proposed restructuring plan under Part 26A of the Companies Act 2006 ( the “Restructuring Plan”).

The Group’s leadership have been thrilled with the response during the voting process, which took place on Monday 13th and Tuesday 14th March 2023.

Out of 15 categories of creditors included in the plan, 12 categories voted unanimously in favour. Two categories voted against and one did not vote.

This represents a strong level of support for the plan, amongst both creditors classified as “in the money” and “out of the money”.

The restructure plan is now ready to progress to its sanction hearing, which was scheduled to take place at the High Court (Rolls Building) in London on Friday 17th March 2023.

However, despite the Company and its legal representatives completing all necessary work in order for the hearing to take place as planned, a late request from HMRC to adjourn the hearing to allow them more time to consider the Restructuring Plan has been granted by Mr Justice Zacaroli.

The new date of the final sanction hearing has been set as 19/20 April 2023.

HMRC’s adjournment request was not objected to by the Company as a continued expression of a will to work with HMRC.  However, the Company requested delays be kept to a minimum. 

The Company’s leadership would like to place on record their thanks to all those who engaged with the plan to produce this overwhelming vote of confidence.  Thank you to the Company’s customers, stakeholders and trade partners, as well as colleagues for their exemplary patience and support throughout the process.

The end date for the process has now been set in stone by Mr Justice Zacaroli, which will allow the Company to finally conclude the process and return to growth following sanction being granted by the Court.

Management remain confident in the strength of the business and have been pleased with recent trading performance and the sustained excellent customer satisfaction levels.

The Restructuring Plan has not, at any point, had any bearing on any of GAS’ customers’ contracts or affected the Company’s service delivery.  Any customers with questions regarding the plan should email them to the dedicated inbox at [email protected] .

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