R&I Update - August 2023 – 4 / 5 观点
This case concerned the immunity of receivers from claims, where the Court had approved the sale of assets over which they were appointed.
Following a dispute between two shareholders of Blackpool Football Club Limited (BFCL), receivers were appointed by the court over certain assets related to Blackpool Football Club, including the shares held by the majority shareholder in BCFL, Denaxe Limited (Denaxe).
During the marketing process, the receivers concluded the best way forward was to sell the assets as one complete package.
The receivers applied for an order permitting them to sell the assets as a package to "protect the football club and maximise value." The Court granted the order and the sale completed.
Denaxe subsequently claimed against the receivers on the basis that the assets should have been sold separately to maximise value.
The Court considered whether Denaxe should be prevented from bringing the claim because the sale had been sanctioned by the Court and Denaxe had not objected at the time the decision was approved, despite being served with the receivers' application.
Denaxe's claim was dismissed on the basis that it was an abuse of process, when Denaxe had already been provided with opportunity to object.
To discuss the issues raised in this article in more detail, please contact a member of our Restructuring & Insolvency team.