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Advance SCT flags uncertainty over results of scheme meeting with creditors

Wednesday, April 5, 2017 - 22:36

ADVANCE SCT, a supplier of copper-based products, on Wednesday said the result of the scheme meeting with its creditors is now uncertain, and that the company is exploring its legal options.

This came after the court ruled on Wednesday that the setting off of a part of an objecting creditor's claim had been carried out incorrectly. This meant the objecting creditor had been deprived of a larger share of votes. The votes are meant to decide on the company's proposed scheme of arrangement.

Advance is now exploring options, including appealing against the decision.

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