Wilson & Anor v SMC Properties Ltd & Anor

Wilson & Anor v SMC Properties Ltd & Anor

The Registrar was entitled to find, based on expert evidence and the special assumption of a forced sale, that the property was sold for no less than its true value and there was no loss to creditors; the transaction was negotiated at arm's length and in good faith; the Registrar properly exercised his discretion to...

Source-derived case information.

Parties
Appellant: Mark Wilson; Appellant: 375 Live Limited; Respondent: SMC Properties Ltd; Respondent: Unitguide Limited
Jurisdiction
England and Wales
Judgment Date
05 January 2016
Procedural Posture
Civil Appeal / Judgment on Appeal
Outcome
appeal dismissed
Legal Topics
Validation of Post Petition Dispositions, Section 127 Insolvency Act 1986, Sale of Company Property After Winding Up Petition, Discretion to Validate Transactions, Protection of Creditors
Insolvency Law Company Law Validation of Post Petition Dispositions Section 127 Insolvency Act 1986 Sale of Company Property After Winding Up Petition Discretion to Validate Transactions Protection of Creditors

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Parties

Mark Wilson

Appellant

375 Live Limited

Appellant

SMC Properties Ltd

Respondent

Unitguide Limited

Respondent

Procedural Posture

Civil Appeal / Judgment on Appeal

Legal Issues

  1. 1 Whether the Registrar erred in validating the sale and transfer of company property after presentation of a winding-up petition under section 127 of the Insolvency Act 1986
  2. 2 Whether the transaction was at an undervalue and prejudicial to creditors
  3. 3 Whether the Registrar properly exercised his discretion in validating the transaction

Ratio Decidendi

The Registrar was entitled to find, based on expert evidence and the special assumption of a forced sale, that the property was sold for no less than its true value and there was no loss to creditors; the transaction was negotiated at arm's length and in good faith; the Registrar properly exercised his discretion to validate the transaction under section 127 Insolvency Act 1986.

Court Disposition

appeal dismissed

Orders

  • Validation of the sale and transfer of the property under section 127 Insolvency Act 1986 is upheld.