Administration order refused
The court will make an administration order if it is satisfied that the company is or is likely to become unable to pay its debt and the administration order is reasonably likely to achieve the purpose of the administration. There was insufficient supporting evidence for the proposed administrator’s assertion that the administration of the company would achieve one of the statutory purposes of administration. The court could not make an administration order but appointed a provisional liquidator instead.
Creditors of Safehosts (London) Ltd made an application to court for an order that it be placed into administration. At the time of the application, the company was insolvent as it owed debts amounting to at least £1.7m.
The court held that it was plainly clear that the company was insolvent and could not pay its debts…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on communications.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on apps.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town