Hellas Telecommunications (Luxembourg) II SCA, Re

Hellas Telecommunications (Luxembourg) II SCA, Re

Administrators were obliged to use the Funded Costs Amount for administration costs before recourse to company cash assets; Hellas II should be placed into compulsory liquidation rather than dissolved, with Funded Costs Amount available for liquidation costs; Part 8 claim for repayment of Fund balance dismissed;...

Source-derived case information.

Parties
Claimant: Weather Finance III SARL (in administration); Claimant: Crystal Almond SARL; Defendant: Hellas Telecommunications (Luxembourg) II SCA (in administration); Defendant: Margaret Elizabeth Mills; Defendant: Alan Michael Hudson
Jurisdiction
England and Wales
Judgment Date
30 November 2011
Procedural Posture
Administration Application and Part 8 Claim / Judgment
Outcome
Part 8 claim dismissed; application for compulsory liquidation granted; administrators to be discharged from liability after 28 days from final report.
Legal Topics
Administrators' Duties, Compulsory Liquidation, Distribution of Assets, Trusts in Insolvency, Discharge From Liability
Insolvency Company Law Administrators' Duties Compulsory Liquidation Distribution of Assets Trusts in Insolvency Discharge From Liability

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Parties

Weather Finance III SARL (in administration)

Claimant

Crystal Almond SARL

Claimant

Hellas Telecommunications (Luxembourg) II SCA (in administration)

Defendant

Margaret Elizabeth Mills

Defendant

Alan Michael Hudson

Defendant

Procedural Posture

Administration Application and Part 8 Claim / Judgment

Legal Issues

  1. 1 Whether administrators should fund administration costs from the Funded Costs Amount before using company cash assets
  2. 2 Whether Hellas II should be dissolved or put into compulsory liquidation
  3. 3 Whether the Funded Costs Amount covers costs of liquidation

Ratio Decidendi

Administrators were obliged to use the Funded Costs Amount for administration costs before recourse to company cash assets; Hellas II should be placed into compulsory liquidation rather than dissolved, with Funded Costs Amount available for liquidation costs; Part 8 claim for repayment of Fund balance dismissed; administrators to be discharged from liability 28 days after filing final report, subject to court permission for misfeasance claims.

Court Disposition

Part 8 claim dismissed; application for compulsory liquidation granted; administrators to be discharged from liability after 28 days from final report.

Orders

  • Hellas II to be placed into compulsory liquidation.
  • Funded Costs Amount available for liquidation costs.