C. (N.) (A Bankrupt), Re [1999] IEHC 203 (26th November, 1999)

C. (N.) (A Bankrupt), Re [1999] IEHC 203 (26th November, 1999)

The court approved the proposal of the arranging debtor because the statutory majority of creditors accepted it, and the protection of the public and commercial community would be adequately met by making a disqualification order under section 160 of the Companies Act 1990 for five years, given the debtor's implicit admission of unfitness for company management.

Citation
[1999] IEHC 203
Parties
Debtor: Arranging Debtor; Creditor: Ulster Bank Commercial Services Limited (UBCS); Official Assignee: Official Assignee
Jurisdiction
Ireland
Procedural Posture
Bankruptcy Arrangement Approval / Judgment on Approval of Proposal and Related Orders
Outcome
proposal approved; disqualification order made
Legal Topics
Scheme of Arrangement, Disqualification of Directors, Creditor Protection, Fraudulent Conduct
Bankruptcy Company Law Scheme of Arrangement Disqualification of Directors Creditor Protection Fraudulent Conduct

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Parties

Arranging Debtor

Debtor

Ulster Bank Commercial Services Limited (UBCS)

Creditor

Official Assignee

Official Assignee

Procedural Posture

Bankruptcy Arrangement Approval / Judgment on Approval of Proposal and Related Orders

Legal Issues

  1. 1 Whether the court should approve the proposal of the arranging debtor under section 92 of the Bankruptcy Act 1988
  2. 2 Whether a disqualification order under section 160 of the Companies Act 1990 should be made against the arranging debtor

Ratio Decidendi

The court approved the proposal of the arranging debtor because the statutory majority of creditors accepted it, and the protection of the public and commercial community would be adequately met by making a disqualification order under section 160 of the Companies Act 1990 for five years, given the debtor's implicit admission of unfitness for company management.

Court Disposition

proposal approved; disqualification order made

Orders

  • Disqualification order under section 160 of the Companies Act 1990 for five years against the arranging debtor
  • Approval of the proposal of the arranging debtor under section 92 of the Bankruptcy Act 1988