Re Halliwells Llp & Ors (Rev 1) [2010] EWHC 2036 (Ch) (30 July 2010)

Re Halliwells Llp & Ors (Rev 1) [2010] EWHC 2036 (Ch) (30 July 2010)

The court is satisfied that Halliwells LLP is insolvent, the administration and pre-pack sales are necessary to maximise returns for creditors, and the arrangements for PPL repayment are justified by commercial necessity and do not unnecessarily harm the interests of creditors as a whole.

Citation
[2010] EWHC 2036 (Ch)
Parties
Applicant: Halliwells LLP; Applicant: Shay Bannon; Applicant: Dermot Power
Jurisdiction
England and Wales
Judgment Date
30 July 2010
Procedural Posture
Administration Application / Interim Application, Judgment on Administration Order and Approval of Pre Pack Sales
Outcome
administration order granted, approval of four pre-packaged sales, appointment of administrators
Legal Topics
Administration Order, Pre Packaged Sales, Secured Creditors, Preferential Creditors, Unsecured Creditors, Partnership Practice Loans, Asset Sales, Solicitor Regulation
Insolvency Company Law Administration Order Pre Packaged Sales Secured Creditors Preferential Creditors Unsecured Creditors Partnership Practice Loans +2 more

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Parties

Halliwells LLP

Applicant

Shay Bannon

Applicant

Dermot Power

Applicant

Procedural Posture

Administration Application / Interim Application, Judgment on Administration Order and Approval of Pre Pack Sales

Legal Issues

  1. 1 Whether Halliwells LLP should be placed into administration
  2. 2 Whether the court should approve four pre-packaged sales of parts of Halliwells LLP's business
  3. 3 Whether the arrangements for repayment of partnership practice loans (PPLs) are permissible and do not unnecessarily harm creditors

Ratio Decidendi

The court is satisfied that Halliwells LLP is insolvent, the administration and pre-pack sales are necessary to maximise returns for creditors, and the arrangements for PPL repayment are justified by commercial necessity and do not unnecessarily harm the interests of creditors as a whole.

Court Disposition

administration order granted, approval of four pre-packaged sales, appointment of administrators

Orders

  • Administration order made in respect of Halliwells LLP
  • Appointment of Shay Bannon and Dermot Power as administrators