Advising the joint administrators of a computer hardware re-selling company. Our initial instructions included an extensive security review across the group put in place following a sale of the shares in the UK part of the group by a secured creditor. As a result of this review, we provided high level strategic advice to the administrators in respect of the Group security structure and represented the company in discussions between the secured creditors in respect of the ranking, priority and interpretation of their security and finance documents. We also acted on the disposal of the company's freehold property and advised on contractual terms and retention of title issues in respect of a major creditor's cancellation of significant orders and the impact of this upon debtor collections.
Saving the Bloodhound Programme
We advised the joint administrators of Bloodhound Programme Limited, the company behind the development of a supersonic car which is attempting to not only go faster than the speed of sound but to cover a mile in 3.6 seconds. We worked closely with the joint administrators and key stakeholders such as Rolex, Rolls Royce and the MoD to achieve a sale of the company's assets, securing the project's future. Prior to the sale, we advised on the extension of key contracts, the terms of the intellectual property licences and the position of the landlord and rights under the lease.
Advising liquidators on fraud allegations
We supported the liquidators of a telecommunications company in relation to proceedings brought against the sole director and shareholder for alleged fraudulent trading, wrongful trading and breach of fiduciary duty arising from a telecommunications fraud.
We obtained a worldwide freezing injunction, a search and seizure order (enforced in residential and commercial premises) and a passport delivery up order against the director. This was followed by successful applications for a section 236 examination, summary judgment and for committal for contempt of court. The latter application led to a Court of Appeal ruling on the use of hearsay evidence in contempt proceedings and a twelve month custodial sentence being awarded against the defendant in absentia.
Defending a former director against claims by the Official Receiver
We represented a former director in relation to claims brought against both him personally and one of his companies in the High Court by the Official Receiver for payment of alleged debts and alleged breach of duty and misfeasance claims for circa £500,000.