Publisher Citation: [2001] All ER (D) 431 (Dec)
Court: Chancery Division

Pumfrey J

Representation Mark Phillips QC and Tom Smith (instructed by Lovells) for the joint administrators.
Judgment Dates: 14 December 2001


Insolvency - Administration order - Company - Bank - Administrators seeking directions in respect of proposed transaction to recover outstanding debts owing to bank and secured by collateral provided by National Bank of Republic of Macedonia - Whether court should sanction transaction - ss 8(3), 14.

The Case

On an application by the administrators of the bank for directions in respect of a proposed transaction into which they wished to enter in order to recover outstanding debts secured by collateral deposited by the National Bank of the Republic of Macedonia, the court ruled that, in all the circumstances of the case, it would exercise its discretion to sanction the proposed transaction.

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