Speciality Steel UK Limited v FGI Worldwide LLC & Ors
[2023] EWHC 606 (Ch)
Standing to apply for an administration order
Insolvency Act 1986, Schedule B1, paragraph 12(1)(c)
Test for insolvency in administration applications
Insolvency Act 1986, Schedule B1, paragraph 11; Insolvency Act 1986, sections 122(1)(f), 123
Statutory objectives of administration
Insolvency Act 1986, Schedule B1, paragraph 3(1)
Treatment of administration application as winding-up petition
Insolvency Act 1986, Schedule B1, paragraph 13(1)(e)
Limitation Act 1980, sections 29-30 (Acknowledgement of debt)
Limitation Act 1980
Winding-up order made for the Respondent Company.
The court found the Respondent Company insolvent on both cash flow and balance sheet bases, and that administration was not reasonably likely to achieve a better result for creditors.
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