Jacob & Anor v Equitas Ltd

Jacob & Anor v Equitas Ltd

Rule 12.17 does not apply as there is no winding up order; however, the court has jurisdiction under section 135(4) to order provisional liquidators to provide the names of the top 50 creditors in value to Equitas, subject to an undertaking restricting use and preserving confidentiality of information received as ICC member.

Parties
Joint Provisional Liquidator: Ipe Jacob; Joint Provisional Liquidator: Mr Nigel Ruddock; Applicant/creditor: Equitas Limited
Jurisdiction
England and Wales
Judgment Date
04 May 2005
Procedural Posture
Ordinary Application in Provisional Liquidation / Judgment on Application for Disclosure of Creditor List
Outcome
Application granted in part
Legal Topics
Provisional Liquidation, Scheme of Arrangement, Disclosure of Creditor Information
Insolvency Company Law Provisional Liquidation Scheme of Arrangement Disclosure of Creditor Information

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Parties

Ipe Jacob

Joint Provisional Liquidator

Mr Nigel Ruddock

Joint Provisional Liquidator

Equitas Limited

Applicant/creditor

Procedural Posture

Ordinary Application in Provisional Liquidation / Judgment on Application for Disclosure of Creditor List

Legal Issues

  1. 1 Whether Equitas Limited is entitled to a list of creditors under rule 12.17 of the Insolvency Rules 1986
  2. 2 Whether the court can order provisional liquidators to provide creditor information under section 135(4) of the Insolvency Act 1986
  3. 3 Whether confidentiality obligations to ICC members preclude disclosure

Ratio Decidendi

Rule 12.17 does not apply as there is no winding up order; however, the court has jurisdiction under section 135(4) to order provisional liquidators to provide the names of the top 50 creditors in value to Equitas, subject to an undertaking restricting use and preserving confidentiality of information received as ICC member.

Court Disposition

Application granted in part

Orders

  • Provisional liquidators to provide Equitas with names only of the top 50 creditors in value within seven days, subject to an undertaking restricting use to specified purposes and preserving confidentiality of ICC information.
  • Equitas to provide an undertaking not to use information except for specified purposes and to maintain confidentiality of ICC information.