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High Court dismisses a petition to wind up a company, on the grounds that the petitioner, a majority shareholder, failed to establish that the company was unable to pay its debts; that there was material non-disclosure by the petitioner regarding the transfer of the company's alleged debt prior to the petition; the petitioner, in administration, did not demonstrate sufficient standing as a creditor; and the evidence presented regarding the company's solvency was unreliable without cross-examination.
Winding up petition - insolvency - contributory - creditor - non-disclosure - provisional liquidators - shareholders' agreement - renewable transport fuel certificates (RTF certs) - management accounts - solvency - cross-examination - contingent liabilities - Companies Act - administration - debt transfer - material omission - locus standi - affidavit evidence - dismissal of petition.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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