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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

21 MAY 2013

Gaardsoe v Optimal Wealth Management [2012] EWHC 3266 (Ch); [2013] BPIR 59

(Chancery Division, John Martin QC, 28 February 2012)

The claimant commenced proceedings against the company, not knowing it had entered administration. The administrators applied to dismiss the proceedings, commenced in breach of the moratorium. Before the dismissal application was heard, the claimant issued an application for retrospective permission to pursue the proceedings under para 43(6) of Sch B1 to the Insolvency Act 1986. After the company went into voluntary liquidation, the claimant issued a second application, seeking permission to continue the proceedings under s 130(2) of the Act. Granting the claimant's first application, John Martin QC held that the principles in Re Saunders (A Bankrupt) [1996] BPIR 355, although bankruptcy proceedings, applied equally to administration. Further, permission as not need to bring proceedings against a company in voluntary liquidation, and the moratorium ended when the company left administration.

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