In the Matter of Angelic Interiors Limited (in administration)

In the Matter of Angelic Interiors Limited (in administration)

The administration has achieved its statutory purpose of realising property for secured creditors, with no further property available except speculative potential claims. The court finds that while the potential claims are ambitious and speculative, ongoing investigations into the ISDA Agreement and allegations of forgery are not irrational and should continue. Therefore, the administration should end and the Company proceed into compulsory liquidation, with both sets of administrators appointed as joint liquidators and reporting obligations imposed.

Parties
Applicant First Joint Administrator: Ian Colin Wormleighton; Applicant Second Joint Administrator: Daniel Francis Butters; Respondent Third Joint Administrator: Andrew Lawrence Hosking; Respondent Fourth Joint Administrator: Carl Jackson; Interested Party Principal Secured Creditor: Lloyds Bank plc
Jurisdiction
England and Wales
Judgment Date
29 November 2022
Procedural Posture
Application for Directions in Administration / Final Hearing and Judgment
Outcome
Compulsory winding up order made; administration to end; joint liquidators appointed.
Legal Topics
Administration, Liquidation, Distribution to Creditors, Appointment of Liquidators, Statutory Duties of Administrators
Insolvency Company Law Administration Liquidation Distribution to Creditors Appointment of Liquidators Statutory Duties of Administrators

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Parties

Ian Colin Wormleighton

Applicant First Joint Administrator

Daniel Francis Butters

Applicant Second Joint Administrator

Andrew Lawrence Hosking

Respondent Third Joint Administrator

Carl Jackson

Respondent Fourth Joint Administrator

Lloyds Bank plc

Interested Party Principal Secured Creditor

Procedural Posture

Application for Directions in Administration / Final Hearing and Judgment

Legal Issues

  1. 1 Whether the purpose of administration has been sufficiently achieved
  2. 2 Whether there is property in the Company's estate which might permit a distribution to creditors
  3. 3 Whether the administration should end and the appropriate exit route (dissolution or liquidation)

Ratio Decidendi

The administration has achieved its statutory purpose of realising property for secured creditors, with no further property available except speculative potential claims. The court finds that while the potential claims are ambitious and speculative, ongoing investigations into the ISDA Agreement and allegations of forgery are not irrational and should continue. Therefore, the administration should end and the Company proceed into compulsory liquidation, with both sets of administrators appointed as joint liquidators and reporting obligations imposed.

Court Disposition

Compulsory winding up order made; administration to end; joint liquidators appointed.

Orders

  • Both Teneo Administrators and Quantuma Administrators appointed as joint liquidators.
  • Obligation imposed on liquidators to report to the court every six months on progress.