Key point
Key point
The Court has discretion to suspend time for the purposes of limitation periods when exercising its jurisdiction to restore a company to the register.
The facts
The former director of a dissolved company applied for an order restoring the company and, so that it could then bring claims against third parties that had expired, suspending the running of time during the period when it was dissolved.
The decision
Key Point
There is no assumption under English law that, where a company appeals against a winding-up order, it should give security for costs.
The Facts
Key Point
An English Court holds that a rate saving scheme involving liquidations of tenant companies is an abuse of the English insolvency legislation.
The Facts
Key point
A statutory demand designed to achieve some connected or collateral purpose is not necessarily invalid.
The facts
Key point
A Court always has discretion whether to set aside a statutory demand based upon cross claims.
The facts
A debtor applied to Court to have a statutory demand set aside on the basis that he had a counter claim which, if set against the debt, would leave less than £750 outstanding.
The decision
Key Point
A distressed debt purchaser may be able to rely on misrepresentations made by the borrower to the original lender in published documents to recover loss.
The Facts
An Irish investment company ("Taberna") claimed damages for misrepresentations made by or on behalf of a large Danish bank ("Roskilde"), in investor presentation documents and annual results, which induced Taberna to enter into a secondary market purchase of subordinated notes originally issued by Roskilde.
The Decision
Key Point
Her Majesty's Revenue & Customs ("HMRC") were not immune from the requirement to give an undertaking for damages suffered where a provisional liquidator was appointed based on HMRC allegations of fraud and tax evasion.
The Facts
Key Point
The Court has given guidance on when a company in administration has possession of third party assets allowing an administrator to apply for an order allowing him to sell them.
The Facts
The administrators of a company applied to Court under paragraphs 72 and 68 of Schedule B1 to the Insolvency Act 1986 for permission to sell assets located on its freehold premises pursuant to a chattel hire contract with a group company (the "Assets").
The Decision
Key Issue
A former liquidator would not be entitled to relief from liability under section 212 of the Insolvency Act 1986 where her conduct had fallen well short of the standard to be expected and she had paid away substantial sums which would otherwise be available to creditors.
The Facts