9 Oct 2017
The rescission application was unsupported by evidence and amounted to conduct verging on an abuse of process; accordingly the court awarded indemnity costs to the intervener, Glencore.
4 Feb 2009
The winding-up order was rescinded because the petitioning debt was settled in full, arrangements were in place to satisfy other creditors, the company's management accounts established solvency, the Official Receiver did not require further investigation and his costs were secured, satisfying the established grounds for rescission under Re SY Engineering Co Ltd.
27 Jun 2003
The winding-up order was rescinded because the court was satisfied that (1) arrangements had been made to pay the petitioning debt and supporting creditors, (2) the company was established to be solvent on the available audited and management accounts and the principal creditor-director confirmed he would not call his loans for the time being, and (3) the Official Receiver did not require investigation of the company's affairs.
24 Dec 2001
The court refused to exercise its discretion to rescind the winding-up order because the directors provided no justification for transferring the company's business and assets to an associated company, thereby preferring themselves to the detriment of creditors (including contingent creditors); subsequent settlements funded by the directors after presentation of the petition did not cure the misconduct or justify rescission, particularly where there was no evidence the funds were not previously available.