KRF Services (UK) Ltd, In the Matter Of [2024] EWHC 2978 (Ch) (26 November 2024)

KRF Services (UK) Ltd, In the Matter Of [2024] EWHC 2978 (Ch) (26 November 2024)

The administration application was validly brought by the sole director under Model Articles and by Keltbray Ltd as creditor. The company is cash-flow insolvent due to frozen accounts and inability to pay debts. Administration is reasonably likely to achieve a better outcome for creditors, and the order does not breach sanctions regulations. Court discretion exercised to appoint administrators.

Citation
[2024] EWHC 2978 (Ch)
Parties
Applicant: KRF Services (UK) Ltd; Applicant: Thomas Pascal Pierre Paillardon; Applicant: Keltbray Ltd
Jurisdiction
England and Wales
Judgment Date
26 November 2024
Procedural Posture
Administration Application / Judgment on Appointment of Administrators
Outcome
administration order granted
Legal Topics
Administration Order, Director Powers, Sanctions Regime, Appointment of Administrators, Creditor Standing
Insolvency Company Law Sanctions Administration Order Director Powers Sanctions Regime Appointment of Administrators Creditor Standing

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Parties

KRF Services (UK) Ltd

Applicant

Thomas Pascal Pierre Paillardon

Applicant

Keltbray Ltd

Applicant

Procedural Posture

Administration Application / Judgment on Appointment of Administrators

Legal Issues

  1. 1 Whether Keltbray Ltd should be permitted to appear and be joined as applicant
  2. 2 Whether the administration application was validly brought by the company or sole director
  3. 3 Whether the company is unable or likely to become unable to pay its debts

Ratio Decidendi

The administration application was validly brought by the sole director under Model Articles and by Keltbray Ltd as creditor. The company is cash-flow insolvent due to frozen accounts and inability to pay debts. Administration is reasonably likely to achieve a better outcome for creditors, and the order does not breach sanctions regulations. Court discretion exercised to appoint administrators.

Court Disposition

administration order granted

Orders

  • Anthony Cork and Stephen Cork of Cork Gully LLP appointed as joint administrators of KRF Services (UK) Ltd
  • Keltbray Ltd joined as third applicant