20 Aug 2007
The court made winding-up orders because the provisional liquidators' restructuring proposal lacked sufficient creditor support (below the required 75%), no improved offer was forthcoming, Holdings had been de-listed reducing rescue prospects, and the provisional liquidators recommended winding up; accordingly there was no viable alternative to winding up the companies.
13 Apr 2005
The bankruptcy order was annulled because the creditors approved a voluntary arrangement under s20E, the arrangement was completed with all debts paid by a third party contributor and distributed by the Nominee, the petitioning and other creditor and the Official Receiver did not oppose, and the costs of administration and Official Receiver were paid; accordingly the court ordered annulment and dismissal of the petition while declining to dispense with statutory advertisement and gazetting.
23 Aug 2004
Given credible evidence that 76.25% in value of creditors support the restructuring, that the restructuring is likely to yield more than liquidation, and that remaining hurdles (auditor change and SFC issues) are addressable within a limited period, the Court exercised its discretion to adjourn the petition to allow implementation steps to proceed, subject to filing updated evidence before the adjourned hearing.
14 Jan 2002
The judge exercised discretion to grant a two-month adjournment because substantial progress had been made towards a scheme of arrangement, a large proportion of creditors had agreed in principle (75% by value, 50% by number), and the remaining steps (subscription agreement, audited accounts, Stock Exchange approval) were likely to be completed in the short adjournment period without evidence of culpable delay.