The identity of the petitioner was crucial in determining whether a company voluntary arrangement had been determined, and its trusts discharged by a winding up order. The company’s voluntary arrangement would be determined on the winding up order where the petitioning creditor supervised the arrangement or a creditor bound by the arrangement or, if the petition creditor was not a party, where the supervisor was obliged to bring the petition himself but had failed to do so. It all depends upon the circumstances, the terms of the scheme, and the conduct of the bound creditors. Insolvency legislation would decide what was implied as to the state of the trusts.
Citations:
Times 30-Nov-2000, Gazette 18-Jan-2001
Jurisdiction:
England and Wales
Company, Insolvency
Updated: 19 July 2022; Ref: scu.81979
