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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Scottish Motor Auctions Limited ("SMAL"), was an auction house for motor vehicles based in Scotland and the North East of England. Until 25 April 2007, its entire issued share capital was owned by the pursuers. In terms of a Share Purchase Agreement dated 25 April 2007, the pursuers (referred to in the SPA as "the Sellers") agreed to sell their shares in the company to the defenders for a consideration of £15 million. The Share Purchase Agreement contained a large number of fairly st ...
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In this petition, the company sought confirmation of the reduction by £90 million of its share capital, under section 645(1) of the Companies Act 2006. The court heard that this provision had recently been amended by Regulation 3 of the Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009, which introduced a new section 646(1)(b) of the Act. The effect of this amendment was to limit the creditors of a company seeking an confirmation order, to only those wh ...
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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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In this action for interdict and payment, the pursuer was the owner of 20 of the 102 issued shares in the second defender company. The first defender company was the owner of the remaining 82 shares. A written Shareholders' Agreement between the parties dated 31 July 2007 conferred on the first defenders an option to purchase the pursuer's shares exercisable between 1 August and 30 September 2010 in return for payment of a price calculated in accordance with a contractual formula, broadly five t ...
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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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The pursuers were respectively the legal and beneficial owners of certain Airbus A320-200 aircraft, which they had leased to ía Mexicana de Aviación SA de CV (“Mexicana”) until 2013. When Mexicana came into financial difficulties and were unable to pay sums due under the lease, the first pursuers terminated the leases on 5 August 2010. On 7 September 2010 an administrator was appointed to Mexicana to allow it to restructure its debts. It was averred that Mexicana had contr ...
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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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