Kingston S.A.R.L. and others -v- Thames Water Utilities (order)

Business and Property CourtsCivilCourt of Appeal Civil DivisionInsolvency and Companies ListOrder

CA-2025-000371

In the Court of Appeal (Civil Division)
On appeal from the Business and Property Courts
Insolvency and Companies List (ChD)
CR-2024-007540

17 March 2025

Before:

The Chancellor of the High Court, Sir Julian Flaux,
Lord Justice Zacaroli
and
Sir Nicholas Patten

Between:

(1) Kingstone S.A.R.L.
(2) Thames Water Limited
(3) Charlie Maynard MP

-v-

Thames Water Utilities Holdings Limited

Order

UPON the appeals of each of the Appellants against the Order of Leech J dated 21 February 2025 sanctioning the Restructuring Plan set out at Schedule 1 to that Order.

AND UPON the hearing of the appeals on 11 to 13 March 2025

IT IS HEREBY ORDERED THAT:

  1. Paragraph 1 of the order of Leech J dated 21 February 2025 is varied to read as follows: “Pursuant to section 901F of the Companies Act 2006, the Court hereby sanctions the Restructuring Plan in the form set out in Schedule 1 hereto with the addition of the following provision as a new paragraph 16.1A: “The releases in Clause 16.1.2 and the undertakings in clause 16.1.3 do not apply to claims that any special administrator appointed subsequently to TWUL or any insolvency office-holder appointed subsequently to the Plan Company may have against the directors and advisers of the respective company.””
  2. Save as aforesaid the appeals are dismissed.
  3. Reasons for the dismissal of the appeals will be given in a judgment to be handed down in due course.
  4. All other consequential matters are reserved until after the hand down of the judgment.

BY THE COURT