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Recently the Court of Appeal in Argentum Lex Wealth Management Ltd v Giannotti  EWCA Civ 1341 affirmed earlier case law that provided that a company must establish, when disputing the debt founding a winding-up petition, that the dispute is based on substantial grounds. The court went on to say that the test of substantial grounds was not very different from the test for granting judicial review applications in the administrative court or granting permission to appeal to the Court of Appeal, and what must exist is a realistic prospect of success ().
See further: Commentary to Rule 125 of the Insolvency Act 1986 in Insolvency Legislation: Annotation and Commentary Online, Louis Doyle and Andrew Keay (2012).
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