MacRae v Fisher [2016] EWHC 2432 (Ch) (14 September 2016)

MacRae v Fisher [2016] EWHC 2432 (Ch) (14 September 2016)

The joint liquidators reasonably require the information to carry out their functions, including litigation in the Cayman court, and the disclosure sought is not unreasonable, unnecessary, or oppressive to the respondents or third parties. The balance of fairness and necessity favours granting the application for disclosure.

Citation
[2016] EWHC 2432 (Ch)
Parties
Applicant: Gordon Macrae; Applicant: Eleanor Fisher; Respondent: KPMG LLP; Respondent: David Yim
Jurisdiction
England and Wales
Judgment Date
14 September 2016
Procedural Posture
Company Insolvency Application / Judgment on Contested Application for Disclosure Orders
Outcome
Application granted
Legal Topics
Liquidator's Powers, Disclosure Orders, Section 236 Insolvency Act 1986, Oppression in Disclosure, Costs of Application
Insolvency Company Law Cross Border Insolvency Liquidator's Powers Disclosure Orders Section 236 Insolvency Act 1986 Oppression in Disclosure Costs of Application

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Parties

Gordon Macrae

Applicant

Eleanor Fisher

Applicant

KPMG LLP

Respondent

David Yim

Respondent

Procedural Posture

Company Insolvency Application / Judgment on Contested Application for Disclosure Orders

Legal Issues

  1. 1 Whether joint liquidators are entitled to disclosure of documents and information under section 236 of the Insolvency Act 1986
  2. 2 Whether such disclosure would be unreasonable, unnecessary, or oppressive to the respondents or third parties
  3. 3 Whether the use of section 236 powers in the context of ongoing foreign litigation is unfair

Ratio Decidendi

The joint liquidators reasonably require the information to carry out their functions, including litigation in the Cayman court, and the disclosure sought is not unreasonable, unnecessary, or oppressive to the respondents or third parties. The balance of fairness and necessity favours granting the application for disclosure.

Court Disposition

Application granted

Orders

  • Respondents to disclose the identified documents and answer the questionnaire as sought by the applicants
  • Applicants to pay respondents' reasonable costs of disclosure