||All England Reporter
|| All ER (D) 59 (Aug)
|| EWHC 1981 (Ch)
||Stephen Davies QC (instructed by Moon Beaver) for Q Ltd.
||Jane Giret QC (instructed by DJ Murphy) for the liquidators.
||8 August 2003
Companies - Insolvency - Liquidator - Removal - Liquidators applying for security for costs in respect of application for their removal - Approach to exercise of discretion - s 108(2) - Insolvency Rules 1986, r 4.120(3).
The legislature could not be taken to have intended the discretionary power contained in r4.120(3) of the insolvency Rules 1986 to be used primarily as a means by which the court might both protect liquidators from having to pay personally the costs of defending a claim to remove them, and winnow out claims to remove liquidators which stood little chance of success, although in some circumstances the fact that an order would protect a liquidator from loss would have been an additional reason for money to have been brought into court in a doubtful case. The proper approach to the use of the powers conferred by sub-rule(3) was the latter, merits-based approach.
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