No winding-up order where genuine dispute over debt
A winding-up order was wrongly made where a creditor was described as a contingent creditor, but the underlying debt upon that the petition was based appeared to be genuinely disputed.
In LSI 2013 Ltd v Solar Panel Co (UK) Ltd, the petition was based upon invoices giving rise to a substantial outstanding balance on the trading account between the parties. The debtor alleged it was not liable on two of the invoices at all as they related to a different company; that there were discrepancies between the amounts shown in the invoices and those shown in the petition; that payments made were understated; and that in fact there was a balance due to it on the account, not to the petitioner. It also alleged a cross-claim…
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Wragge Lawrence Graham & Co’s dedicated insolvency litigation team brings you its monthly update on the issues affecting the insolvency and fraud investigation industry.