Re Parmeko Holdings Ltd: creditor apathy and standard proposals

By Helen Fyles

In Re Parmeko Holdings Ltd, the court had to consider whether to give directions to administrators where creditors had failed to vote on their proposals. The court also considered the terms of administrators’ standard proposals.

In Re Parmeko, the proposals provided for the administrators to continue to manage the company’s business and affairs in accordance with the statutory purposes, to make payments to secured/preferential creditors and to seek one of various exit routes and for discharge from liability and remuneration.

These proposals were very widely drawn and permissive in style, and largely reflected the powers already given to administrators by statute…

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