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The High Court refused an application by a company seeking to restrain the presentation of a winding up petition by a creditor, holding that there was no substantial or bona fide dispute regarding the debt owed under a contractual agreement. The court found that the company's obligation to pay the debt was not conditional on receipt of funds from a third-party refinancing agreement, and that the existence of an arbitration clause did not preclude the creditor from issuing the petition in the absence of a real dispute. Furthermore, the court noted unchallenged evidence suggesting the company may be insolvent, which further weighed against granting injunctive relief. The application was refused, but the company will have an opportunity to raise further arguments if the petition proceeds.
interlocutory injunction – winding up petition – bona fide dispute – conditional obligation – refinancing agreement – arbitration clause – insolvency – Companies Act 2014 – non-disclosure – statutory demand – party autonomy in arbitration – corporate finance – construction contract dispute – pipeline project – solvency evidentiary burden
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