Why the Client needed our help
The Clients were two Insolvency Practitioners from two separate practices who were appointed as the Joint Administrators over 45 separate companies (the ‘’Companies’’) that were linked by common directorship and inter-company securities and transactions.
The Companies operated broadly in seeking large investments from both secured and unsecured creditors which they would then use to purchase, renovate and sell properties. The Joint Administrators had a huge task in unravelling the inter-company transactions and transfers of property that had occurred within the Companies, all while investigating the broad investor base and disposing of the Companies’ properties.
The Joint Administrators had already sought creditor consent to a first extension for the period of a year, however required a further year in order to complete their statutory duties.
How we helped
As the Joint Administrators had already received a year long extension by creditor consent, a further year was required by order of the Court. We assisted the Clients by drafting 45 concurrent applications to the Court, each with individualised witness evidence relating to the particular facts of each company. These applications were then made to the Court to seek an order such that the term of the Joint Administrators office was extended by one year.
The Outcome
We successfully obtained the relief sought from the Court and extended the term of the Joint Administrators office by the period of a year to allow them to satisfy their statutory duties for each company.
Working with FWJ is always a pleasure. They make us feel very comfortable when we’re uncertain as to the best way forward and provide us with the confidence to strike out and go about our job, knowing they have our back.
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