Restructuring and Insolvency

Reported Insolvency Cases

NGI Systems & Solutions Limited v The Good Box Labs Co Ltd [2023] EWHC 274 (Ch); [2023] Bus. L.R. 562; [2023] B.C.C. 527; [2023] 2 B.C.L.C. 397

Acted on behalf of the applicant creditor, NGI Systems & Solutions Limited, in what is understood to have been the first Part 26A Restructuring Plan to be sanctioned outside of London.

Richmondshire District Council v Dealmaster [2021] EWHC 2892 (Ch)

Creditor challenge to a CVA on multiple grounds, including (1) alleged under-valuation of the Company’s assets in the table of comparison between CVA and liquidation; and (2) appeal against nominee’s decision to admit debt of another creditor for voting.

Re. Tokenhouse VB Limited [2020] EWHC 3171 (Ch)

Challenge to the validity or regularity of an out-of-court appointment of administrators by directors, in circumstances where there had been a failure to give prior notice to a qualifying floating chargeholder in breach of paragraph 26(1) of Schedule B1.

Re. High Street Rooftop Holdings Limited [2020] EWHC 2572 (Ch)

Contested administration application, in which the company (the borrower) asserted that, in consequence of alleged oral assurances, the applicant (the lender) was estopped from relying upon the repayment dates stipulated in the facility agreements. Novel question of law as to whether fulfilment of a statutory purpose is a necessary condition for a paragraph 35 Sch. B1 appointment.

Re. Arlington Infrastructure Limited [2020] EWHC 3123 (Ch)

Challenge to the validity of out-of-court appointment of administrators. Is a qualifying floating charge rendered “unenforceable” for the purpose of para 16 Schedule B1 in consequence of a contractual promise made to a third party, notwithstanding that the chargor company is not a party to that contract and not entitled to rely upon or enforce its terms?

Re. Arlington Infrastructure Limited [2020] EWHC 3350 (Ch)

Application for retrospective administration order, opposed by the respondent companies and other interested parties. Interpretation of a “Permitted Disposal” clause, and whether it required a qualifying floating chargeholder to release a personal covenant to pay.

Re. BM Electrical Solutions Limited [2020] EWHC 2749 (Ch)

Claim against director for unlawful dividends and unexplained transactions.

Other ongoing / recent unreported cases

Sole counsel in £27m misfeasance claim against six directors, in respect of dissipation of £20m+ loan from overseas investor.

Advising in respect of recovery of substantial loan to fund the administration of a football team, and effect of insolvency set-off in respect of alleged counterclaim for fraudulent misrepresentation.

Acting for the joint liquidators in a substantial misfeasance and preference claim against director of company which traded as wholesaler of frozen seafood.

Acted on behalf of major UK retailer seeking an injunction to restrain advertisement of a winding up petition in respect of a £3m+ debt said to be payable in respect of consultancy services.

Acted for petitioning creditor in contested bankruptcy proceedings in respect of c. £30m debt.

Acted for security trustee in respect of para 71 application, in which the Administrators proposed that the Court could elect to bypass the security trustee and pay distributions totalling c. £1.65m directly to the beneficiaries.

Opposed application to set-aside statutory demand in respect of c. £1.3m debt. and subsequently secured bankruptcy order.

Advised joint liquidators in respect of substantial misfeasance proceedings and recoveries against third-party suppliers, following collapse of a bulk IVA provider.