Re MK Airlines Ltd: ChD 26 Apr 2012

The company had appointed administrators. They were later discharged in the belief that the company was solvent. This proved incorrect, and on a creditor’s winding up petition, new interim receivers were appointed. On the winding up, liquidators were appointed, who now sought clarification of the status of charges over the company’s assets in favour of the earlier administrator and receivers in respect of their costs.
Held: The charges were valid and enforceable despite a lacuna in the legislation.

Judges:

Sir Andrew Morritt Ch

Citations:

[2012] EWHC 1018 (Ch), [2013] Bus LR 169, [2014] BCC 87, [2012] 3 All ER 781, [2013] 1 BCLC 9

Links:

Bailii

Statutes:

Insolvency Act 1986

Jurisdiction:

England and Wales

Insolvency

Updated: 31 October 2022; Ref: scu.459621