Application for an administration order in respect of FM Front Door Ltd. The application followed FM’s failure to make payments under a loan from the Dunfermline Building Society obtained to assist with the purchase of flats at the Skyline development on Finniestoun Street in Glasgow. The loan was secured by a floating charge and standard securities over each of the flats. FM’s parent company FM Developments also granted a guarantee for the loan. Clause 13 of the loan agre ...
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Complicated case in which the Liquidator of the Letham Grange Development Company sought reduction of a security over the Letham Grange resort near Arbroath. The case involves a number of companies all controlled by a Mr Liu and his family. The grounds for challenge The Liquidator argued that the holder of the security (Foxworth) had (1) not acquired the rights under the security in good faith and for value and (2) the security was void as it was not in the correct form. Good fait ...
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The pursuer was a former director of a company called Fridge Freight (Fyvie) Limited (FFF). In September 1997 FFF went into receivership and insolvency practitioners Scott Oswald were appointed Joint Receivers of the company. When this action was raised the partnership of Scott Oswald had dissolved and the defenders had assumed the former partnership’s rights and liabilities in respect of FFF. In February 1997, the pursuer granted a personal guarantee to the Royal Bank of Scotland in r ...
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The petitioners were the joint administrators of Martin Groundland & Co Ltd. In respect of the first accounting period, the petitioners had submitted their accounts of intromissions with the company’s assets and their claims for (a) outlays reasonably incurred by them (in the sum of £1,394.75 plus VAT) and (b) for their remuneration (£517,581.00 plus VAT). Two of the three members of the creditors’ committee of the company refused to approve the petitioners’ claim ...
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The petitioners were both chartered accountants and licensed insolvency practitioners, who were appointed as joint insolvency office holders in a number of insolvencies, including court appointments as joint liquidators of ten companies, which were the subject of the petition. Both petitioners at the time of appointment were employees of Baker Tilley Restructuring and Recovery LLP. The first petitioner, Mr Menzies, had however left the employment of Baker Tilley and had taken up employment with ...
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The Ben Line Steamers Ltd was incorporated in 1919 and until 1987, had several hundred employees, a substantial number of whom were Merchant Navy officers. These Merchant Navy Officers were members of the Merchant Navy Officers' Pension Fund. From 1987 to 2000, the company went under substantial restructuring, until it finally resolved that it should be wound up voluntarily in terms of section 84 of the Insolvency Act 1986. The Noter in the present action was the sole liquidator of the company. ...
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The joint administrators of QMD Hotels Ltd applied by Note for an order under s.176A(5) of the Insolvency Act 1986, disapplying s.176A(2) of that Act which required them to make a "prescribed part" of the company's net property available to satisfy the claims of unsecured creditors. It was submitted on behalf of the joint administrators that the costs of making a distribution to unsecured creditors would be disproportionate to the benefits resulting there from, having regard to the expenses of s ...
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The Noters are the joint liquidators of Park Gardens Investments Limited, a company incorporated in Gibraltar. On 23 October 2009, on the application of HSBC Bank plc, the Company was ordered to be wound up as an unregistered company in terms of ss.221-224 of the Insolvency Act 1986 and the Noters were appointed as liquidators. The petition for winding up was presented on 29 September 2009. In terms of section 52 of the Bankruptcy (Scotland) Act 1985, the first accounting period ran from 29 Sep ...
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In this summary application the pursuer, the Accountant in Bankruptcy, sought an order pursuant to section 29(6) of the Bankruptcy (Scotland) Act 1985. The defender was sequestrated on his own application to the AIB on 29th April 2008. The AIB was the trustee in sequestration. Both the pursuer and the defender had been discharged respectively however it had come to light that there were assets by way of a claim that the defender had against a third party. At the time of sequestration, the pursue ...
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As joint liquidators, the noters applied in the winding up of Arakin Limited (i) for their outlays and remuneration as interim liquidators and liquidators for the period from 14 October 2004 until 28 February 2006 to be fixed; (ii) for a discharge from liability for their acts and omissions in the course of the winding up; and, thereafter, (iii) for the winding up to be sisted. Although the winding up was an insolvency based on the deemed inability of the company to pay its debts under s.123(1) ...
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