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The application for leave to apply for an order of sale is dismissed because granting leave would defeat the purpose of the moratorium imposed by Section 249(1)(c) of the Companies Act, 2012, which is to preserve the status quo and assets for the benefit of all creditors until the administration petition is determined.
Source excerpt
The Court of Appeal dismissed a revision application against administration orders, holding the minority shareholder and director had locus standi and the High Court acted properly.
Court of Appeal dismissed a revision application against a company administration order, holding that minority shareholders had locus standi and no irregularity was shown.
The Court of Appeal held that an administration petition triggered a moratorium, making later High Court proceedings on winding up irregular and null after 17 September 2009.
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