Testing times for insolvency
The Court of Appeal has recently considered the Eurosail test for insolvency and whether an appeal court can evaluate the facts afresh where an incorrect test for insolvency has been applied by a lower court.
The court’s ruling is to be welcomed for several reasons.
The court confirmed that if a lower court has applied an incorrect test for solvency, on appeal a judge is able to apply the correct test and not refer the case back to the lower court for another hearing. This approach avoids the inevitable cost consequences of additional hearings…
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