Directors' challenge to administrators' appointment
The litigation between two companies and their secured lender (B) was stayed while the companies sought refinancing and negotiations took place in relation to settlement of the litigation and secured debt. Following a period of inaction, B made demand for repayment of sums due and appointed administrators.
The directors caused the companies to apply to challenge the validity of the administrators’ appointment on the basis that B had represented that it would not take an enforcement action while negotiations were ongoing and the companies had relied on those representations to their detriment in expending funds progressing discussions with other financial institutions…
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