North Point Global Ltd, Re

North Point Global Ltd, Re

The Liquidators’ claim under s239 IA 1986 is a contingent claim that existed at the date of the CVA and is provable. The Liquidators are bound by the CVA and entitled to prove as creditors. The matter of valuation of the claim is to be remitted to the Supervisor for determination.

Parties
Applicant (joint Liquidator of Baltic House Developments Limited): Louise Mary Brittain; Applicant (joint Liquidator of Baltic House Developments Limited): Matthew John Waghorn; Respondent (supervisor of a Voluntary Arrangement Relating to North Point Global Limited): Michael Chamberlain
Jurisdiction
England and Wales
Judgment Date
26 June 2020
Procedural Posture
Insolvency (cva Appeal) / Judgment on Appeal Against Supervisor's Rejection of Proof of Debt
Outcome
Declaration granted that the applicants are contingent creditors with a right to prove in the CVA; matter remitted to the Supervisor for valuation of the claim.
Legal Topics
Company Voluntary Arrangement (cva), Contingent Creditors, Proof of Debt, Preference Claims, Binding Effect of CVA
Insolvency Law Company Law Company Voluntary Arrangement (cva) Contingent Creditors Proof of Debt Preference Claims Binding Effect of CVA

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Parties

Louise Mary Brittain

Applicant (joint Liquidator of Baltic House Developments Limited)

Matthew John Waghorn

Applicant (joint Liquidator of Baltic House Developments Limited)

Michael Chamberlain

Respondent (supervisor of a Voluntary Arrangement Relating to North Point Global Limited)

Procedural Posture

Insolvency (cva Appeal) / Judgment on Appeal Against Supervisor's Rejection of Proof of Debt

Legal Issues

  1. 1 Are the Liquidators bound by the CVA under s5(2) IA 1986?
  2. 2 Are the Liquidators entitled to prove as creditors under the CVA?
  3. 3 Should the Court determine the value to attribute to the Liquidators’ proof or remit to the Supervisor?

Ratio Decidendi

The Liquidators’ claim under s239 IA 1986 is a contingent claim that existed at the date of the CVA and is provable. The Liquidators are bound by the CVA and entitled to prove as creditors. The matter of valuation of the claim is to be remitted to the Supervisor for determination.

Court Disposition

Declaration granted that the applicants are contingent creditors with a right to prove in the CVA; matter remitted to the Supervisor for valuation of the claim.

Orders

  • Applicants declared contingent creditors with right to prove in the CVA.
  • Matter remitted to Supervisor to value the claim.