Restructuring and Insolvency

Successful High Court Trust Application

Our specialists have experience advising the administrators of a home entertainment distribution company in respect of their successful High Court application for declarations as to the existence of a “twilight” trust over funds set aside by the directors immediately prior to appointment (in order to meet liabilities that might otherwise be owed to various supplier creditors as a result of the sale of their stock in the run up to the insolvency appointment).

The case was determined following a three day trial which involved the cross-examination of five witnesses and submissions on behalf of the administrators as well as representatives of the intended beneficiary creditors and the unsecured creditors.

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