Edwards & Ors v Hammersley

Edwards & Ors v Hammersley

There is no evidence to support the respondent's allegations of solvency, fraud, or improper conduct. The administrators acted properly in implementing the Fifth Plan and the UK Implementation Agreement. Discharge is appropriate and none of the respondent's objections justify refusal or delay.

Parties
Applicant: Nicholas Guy Edwards; Applicant: David Philip Soden; Applicant: Neville Barry Kahn; Respondent: Michael R. Hammersley
Jurisdiction
England and Wales
Judgment Date
20 July 2020
Procedural Posture
Insolvency Application / Application for Discharge of Former Administrators
Outcome
application granted
Legal Topics
Discharge of Administrators, Creditors' Voluntary Liquidation, Debt for Equity Swap, Shareholder Rights, Intercompany Liabilities
Insolvency Company Law Discharge of Administrators Creditors' Voluntary Liquidation Debt for Equity Swap Shareholder Rights Intercompany Liabilities

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Parties

Nicholas Guy Edwards

Applicant

David Philip Soden

Applicant

Neville Barry Kahn

Applicant

Michael R. Hammersley

Respondent

Procedural Posture

Insolvency Application / Application for Discharge of Former Administrators

Legal Issues

  1. 1 Whether the former administrators of Paragon Offshore plc should be discharged pursuant to paragraph 98(2)(c) of Schedule B1 of the Insolvency Act 1986
  2. 2 Whether the objections raised by the respondent (a shareholder) justify refusal or delay of discharge
  3. 3 Whether there is any evidence of fraud, misfeasance, or improper conduct by the former administrators

Ratio Decidendi

There is no evidence to support the respondent's allegations of solvency, fraud, or improper conduct. The administrators acted properly in implementing the Fifth Plan and the UK Implementation Agreement. Discharge is appropriate and none of the respondent's objections justify refusal or delay.

Court Disposition

application granted

Orders

  • The former administrators are discharged from liability 14 days after the judgment is handed down.