s.6 of the Insolvency Act 1986 considered - Macaria Investments Ltd v Sanders & Anor [2010] EWHC 3353 (Ch) (17 December 2010)

10 DEC 2010

Mr Justice Roth has handed down his judgment in Macaria Investments Ltd v Sanders & Anor [2010] EWHC 3353 (Ch) (17 December 2010). The case concerns an application pursuant to section 6 of the Insolvency Act 1986 for an order that the approval of a Company Voluntary Arrangement ("CVA") be revoked on the grounds that there was material irregularity in relation to that meeting. After a lengthy exposition of the facts the learned judge concludes: "In my view, it cannot be disputed that a decision in a creditors' meeting to approve a CVA that was carried only because of the votes based on alleged liabilities that did not in truth exist constitutes a material irregularity within the terms of section 6(1)(b) of the Act. Under section 6(4) of the Act, the court therefore has power to revoke any decision of the meeting approving the CVA. In the circumstances, I consider that it is clearly appropriate to exercise that power and I shall make an order accordingly."

Bankruptcy and Personal Insolvency Reports

Bankruptcy and Personal Insolvency Reports

"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...

More Info from £166.00
Available in Insolvency Law Online
Individual Voluntary Arrangements

Individual Voluntary Arrangements

"This is the ultimate statement of where the law on IVAs is to be found in our great common law...

Available in Insolvency Law Online