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Investment firm’s liquidators granted winding-up order for company unable to pay debts
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High Court grants the application by the joint liquidators of an investment firm to wind up a company on the grounds that it is unable to pay its debts. The company did not dispute its inability to pay but contested the liquidators' status as creditors. The court found the company's evidence insufficient to dispute the debt in good faith and on substantial grounds, affirming that the liquidators are indeed creditors. Additionally, the court noted that even if it were necessary, it would have also wound up the company on just and equitable grounds due to significant investor concerns and the company's failure to file statutory accounts since 2018.
Winding-up order, unable to pay debts, joint liquidators, investment firm, creditor status, High Court, company insolvency, statutory obligations, investor concerns, management services, annual management charges (AMCs), bona fide dispute, Companies Act 2014, section 569(1), section 570(a), section 571, just and equitable grounds, financial documentation, investment structure, special purpose vehicles (SPVs), regulated entity, unregulated investments, Master Placing Terms, MIFID services, novation agreement, Central Bank of Ireland (CBI), balance sheet insolvency.
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