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High Court, in a petition to appoint a liquidator to a company, delays its determination for a period to allow parties to progress and remain in separate 'deceit' proceedings against company so as to protect the applicant's significant exposure to legal costs and to allow the company itself to remain as a defendant in such proceedings; but the court orders that the parties deliver up details of the perceived 'litigation advantages' which will be conferred on the petitioner should a liquidator eventually be appointed.
Appointment of liquidator - petition - company's failure to discharge debts within timeframe provided by letter of demand - annual returns not delivered for several years based on a 'commercial decision' - effort to minimise significance of non-compliance - proposed reorganisation with a view towards recovering assets for benefit of unsecured creditors - ongoing deceit proceedings against company - whether petition motivated by a desire to obtain tactical advantage in deceit proceedings - applicable statutory provisions in consideration - relevant case law on winding up orders - principles for court to consider - other defendants right to appear at petition hearing - purpose of liquidation - company's reputation is not an asset - commercial realities motivating petition - undertakings granted by company in respect of separate proceedings noted - adjournment to allow period for alleged points of advantage to minimise - determination on appointment to be postponed to allow defendant to remain in deceit proceedings with little risks to applicant's potential legal costs should it ultimately be successful in obtaining damages - details on perceived litigation advantages to be provided to court by August 31st, 2017.
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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