Ace Telecom Ltd, Re
There is no credible evidence that the objectives of administration can be achieved, as the VAT refunds are unlikely to be recovered and trading will not generate sufficient profits. Therefore, the applications for administration orders are dismissed.
- Parties
- Applicant: N2J Limited; Applicant: Ace Telecom Limited; Petitioning Creditor: Hassan Khan & Co
- Jurisdiction
- England and Wales
- Judgment Date
- 11 July 2007
- Procedural Posture
- Insolvency/administration Application / Judgment on Application for Administration Order
- Outcome
- Applications for administration orders dismissed
- Legal Topics
- Administration Orders, Winding Up Petitions, VAT Fraud Allegations, Creditors' Interests
Case Brief
Summary, issues, holding and outcome
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Parties
N2J Limited
Applicant
Ace Telecom Limited
Applicant
Hassan Khan & Co
Petitioning Creditor
Procedural Posture
Insolvency/administration Application / Judgment on Application for Administration Order
Legal Issues
- 1 Whether administration order should be granted for N2J Limited and Ace Telecom Limited
- 2 Whether administration would achieve a better result for creditors than liquidation
- 3 Whether there is a real prospect of recovering VAT refunds
Ratio Decidendi
There is no credible evidence that the objectives of administration can be achieved, as the VAT refunds are unlikely to be recovered and trading will not generate sufficient profits. Therefore, the applications for administration orders are dismissed.
Court Disposition
Applications for administration orders dismissed
Orders
- Applications for administration orders in respect of N2J Limited and Ace Telecom Limited are dismissed
Full Case Text
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