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The company occupied premises under a lease. It went into administration in June 2008, provisional liquidation in June 2010 and was compulsorily wound up in October 2010. Nicholas Strauss QC (sitting as a deputy judge of the High Court) held that the Lundy Granite principle applied also to provisional liquidations, so that the rent falling due whilst the provisional liquidators retained the premises for the purposes of the provisional liquidation, as so fell to be paid as an expense of the liquidation.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...