Petrofac Limited, Re

Petrofac Limited, Re

All statutory conditions for an administration order are satisfied: the Company is unable to pay its debts, administration is reasonably likely to achieve a better result for creditors than liquidation, and the Company's COMI is in the UK. The court exercises its discretion to make the order.

Parties
Company: Petrofac Limited
Jurisdiction
England and Wales
Judgment Date
11 May 2025
Procedural Posture
Insolvency/administration Application / Judgment on Application for Administration Order
Outcome
Administration order granted
Legal Topics
Administration Order, Centre of Main Interest (comi), Purpose of Administration, Inability to Pay Debts
Insolvency Law Company Law Administration Order Centre of Main Interest (comi) Purpose of Administration Inability to Pay Debts

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Parties

Petrofac Limited

Company

Procedural Posture

Insolvency/administration Application / Judgment on Application for Administration Order

Legal Issues

  1. 1 Whether Petrofac Limited is unable or likely to become unable to pay its debts
  2. 2 Whether an administration order is reasonably likely to achieve a better outcome for creditors than liquidation
  3. 3 Whether the Company's centre of main interest (COMI) is in the UK

Ratio Decidendi

All statutory conditions for an administration order are satisfied: the Company is unable to pay its debts, administration is reasonably likely to achieve a better result for creditors than liquidation, and the Company's COMI is in the UK. The court exercises its discretion to make the order.

Court Disposition

Administration order granted

Orders

  • An administration order is made in respect of Petrofac Limited.