Antic Design Ltd, Re [2018] EWHC 4282 (Ch) (13 November 2015)

Antic Design Ltd, Re [2018] EWHC 4282 (Ch) (13 November 2015)

The company is both cashflow and balance sheet insolvent; administration is reasonably likely to achieve a better outcome for creditors due to director's loan waiver, injection of funds, creditor debt waiver, and savings compared to liquidation.

Citation
[2018] EWHC 4282 (Ch)
Parties
Applicant: Antic Design Ltd; Respondent: HMRC
Jurisdiction
England and Wales
Judgment Date
13 November 2015
Procedural Posture
Administration Order Application / Judgment Granting Administration Order
Outcome
administration order granted
Legal Topics
Administration Order, Insolvency, Creditor Claims, Director's Loan Waiver
Insolvency Company Law Administration Order Creditor Claims Director's Loan Waiver

Case Brief

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Parties

Antic Design Ltd

Applicant

HMRC

Respondent

Procedural Posture

Administration Order Application / Judgment Granting Administration Order

Legal Issues

  1. 1 whether Antic Design Ltd is insolvent
  2. 2 whether administration would achieve a better outcome for creditors than liquidation

Ratio Decidendi

The company is both cashflow and balance sheet insolvent; administration is reasonably likely to achieve a better outcome for creditors due to director's loan waiver, injection of funds, creditor debt waiver, and savings compared to liquidation.

Court Disposition

administration order granted

Orders

  • administration order made
  • petition to be dismissed