Source: All England Reporter
Publisher Citation: [2008] All ER (D) 237 (Jan)
Court: Chancery Division
Judge:

Judge Toulmin QC sitting as a Judge of the High Court

Representation Philip Capon (instructed by the Treasury Solicitor) for the Secretary of State.
  The company did not appear and was not represented.
Judgment Dates: 29 January 2008

Catchwords

Insolvency - Petition - Petition presented on public interest grounds - Petition presented following investigations by Secretary of State - Whether in public interest for company to be wound up - s 124A.

The Case

Having regard to the principle that in a public interest petition to wind up a company presented by the Secretary of State, the function of the court was to weigh those factors pointing to the conclusion that it would be just and equitable to wind up the company against those which pointed to the opposite conclusion and to form a view for itself as to what aspects, if any, of the public interest that would be promoted by the making of a winding-up order. In the circumstances of the instant case, including the facts that the company had repeatedly failed to file accounts at Companies House for the material times, the directors and controlling minds of the company had no intention of floating the company on the London Stock Exchange's alternative investment market, or had been reckless and-or negligent in advertising that intention, and that it had failed to comply with the investigator's requests when an investigation had been launched by the Secretary of Secretary, the conclusion that a winding-up order should be made in the public interest outweighed the factors that opposed such a conclusion.

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