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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

19 DEC 2013

Closegate Hotel Development (Durham) Ltd and Closegate (Durham No 2) Ltd v Mclean and Others [2013] EWHC 3237 (Ch)

(Chancery Division, Richard Snowden QC (sitting as a deputy High Court judge), 25 October 2013)

The directors of a company retain a residuary power to cause the company to bring an application to challenge the appointment of administrators by a qualifying floating charge-holder pursuant to para 14 Sch B1 to the IA 1986. Such authority is not dependent on the provision by the directors of an indemnity for costs.

However, on the facts the qualifying floating charge-holder was not estopped from appointing administrators by indicating that it was open to settlement discussions.

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