10 Jan 2000
Because the debt was undisputed, there was no credible or recent evidence of a viable restructuring or majority creditor support, and the company's repayment proposals were unreliable given past conduct, the court exercised its discretion to refuse an adjournment and made a compulsory winding-up order.
19 Jul 1999
Because the Companies owed substantial undisputed debts, the proposed external loan was uncertain and could not be applied to repay the petitioner, and there was no bona fide restructuring proposal offering a realistic prospect of repayment, the court exercised its discretion to refuse further adjournment and made compulsory winding up orders against both companies.
19 Jul 1999
The judge held that the debts were undisputed and substantial, the evidence of a loan or restructuring was speculative and incapable of discharging the debts (and in any event the proposed loan could not be applied to repay the petitioner due to a custodian agreement), there was no realistic prospect of repayment and no basis for further adjournment; accordingly compulsory winding-up orders were made and the petitioners' costs were ordered as liquidation expenses.