In the Matter of Albion Enterprises Ltd -v- In the Matter of The Companies Acts 1963 - 2009 [2012] IEHC 115 (16 March 2012)

In the Matter of Albion Enterprises Ltd -v- In the Matter of The Companies Acts 1963 - 2009 [2012] IEHC 115 (16 March 2012)

The petitioner proved insolvency and compliance with statutory requirements; NAMA's security over all assets does not preclude a winding-up order; statutory receivership does not bar liquidation; the winding-up order is mandatory ex debito justitiae.

Source-derived case information.

Citation
[2012] IEHC 115
Parties
Petitioner: MCR Personnel Ltd.; Respondent: Albion Enterprises Limited; Intervener: National Asset Management Agency (NAMA)
Jurisdiction
Ireland
Judgment Date
16 March 2012
Procedural Posture
Winding Up Petition / Final Judgment
Outcome
winding-up order granted
Legal Topics
Winding Up, Statutory Receivership, NAMA Intervention, Creditor's Petition
Company Law Insolvency Law Winding Up Statutory Receivership NAMA Intervention Creditor's Petition

Source-derived case record

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Parties

MCR Personnel Ltd.

Petitioner

Albion Enterprises Limited

Respondent

National Asset Management Agency (NAMA)

Intervener

Procedural Posture

Winding Up Petition / Final Judgment

Legal Issues

  1. 1 Whether a winding-up order should be made when all company assets are secured by NAMA
  2. 2 Compliance with s.216(2) Companies Act 1963 as amended by s.233 National Asset Management Agency Act 2009
  3. 3 Effect of statutory receivership on winding-up proceedings

Ratio Decidendi

The petitioner proved insolvency and compliance with statutory requirements; NAMA's security over all assets does not preclude a winding-up order; statutory receivership does not bar liquidation; the winding-up order is mandatory ex debito justitiae.

Court Disposition

winding-up order granted

Orders

  • Albion Enterprises Limited is ordered to be wound up.
  • Mr. Kieran Wallace of KPMG appointed as official liquidator.