Angel Group Ltd and others concerned a group of companies in Administration where the director asserted that the companies’ bank had “conspired to artificially distress the business”

The facts

In the case of Angel Group Ltd and others [2015] EWHC 3624, Administrators from KPMG were appointed to Angel Group Limited and to seven of its subsidiaries. The Bank of Scotland was the only secured creditor, and was owed a residual balance of £20 million.

Did you know... that the court may, in special circumstances, exercise its discretion to appoint pre-existing receivers as a company’s provisional liquidators.

In the recent decision ofRe K Vision International Investment (Hong Kong) Limited, the Honourable Mr. Justice Barma confirmed that, where the circumstances require it, the court will exercise its discretion to appoint pre-existing receivers of a company’s assets as that company’s provisional liquidators provided that potential conflicts of interest are identified and appropriately addressed.