R&I Update - August 2022 – 4 / 7 观点
In Re Swiss Cottage  EWHC 1495 (Ch), junior creditors argued that administrators appointed to two companies had exceeded their powers and breached their duties when selling two properties.
Administrators were appointed to the companies in October 2013. They engaged estate agents to sell the companies' assets, two luxury properties in London. The properties were sold for a combined total of around £62 million. The primary secured funder of the companies received the whole of their principal amount. The junior creditors received nothing. They argued that the administrators had exceeded their powers in certain contractual arrangements and had breached their duties by ignoring junior creditors' interests and following an inadequate marketing strategy.
The courts are reluctant to interfere with the commercial decisions of officeholders that are properly made. In this case:
To discuss the issues raised in this article in more detail, please contact a member of our Restructuring & Insolvency team.
作者 Luke Viner