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Company Law

Analysis - guidance - compliance

10 DEC 2014


Chancery Division
Sir William Blackburne
16 October 2014
[1] On 18 March 2014 Hildyard J appointed Mark Wilson of Baker Tilly Restructuring & Recovery LLP (“Mr Wilson”) as provisional liquidator of Parkwell Investments Limited (“Parkwell”). The appointment was made on the without-notice application of The Commissioners for Her Majesty’s Revenue & Customs (“HMRC”) who that day had presented a creditor’s petition to wind up Parkwell. The petition alleged unpaid VAT (inclusive of interest to 31 July 2013) totalling £7,764,476.14 based on assessments raised on or about 30 October 2013 for three quarterly periods between 1 November 2012 and 31 July 2013. The petition also alleged that a further £2,167,261, by way of VAT for periods between 1 August 2013 and 31 December 2013 was contingently or prospectively due. The court appointed Mr Wilson provisional liquidator until the conclusion of the hearing of the petition or further order and conferred upon him the powers and functions usually given when these orders are made. The court also directed that the order and its continuation should be considered on 25 March, which was a week later. Among the undertakings given to the court by HMRC upon the making of the order was that “In the event that the court should later decide that [HMRC] ought, as a condition of the continued appointment of the provisional liquidator to provide an undertaking in damages, to consent to such undertaking having retrospective effect from [18 March (the date of the appointment)] and as if it had been contained in this [the court’s original] order.”
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