Background and Proceedings
The High Court recently delivered a significant judgment in the case involving MPB Developments Limited, where a winding-up petition was filed by Cresta Estates Limited, Luxor Properties Limited, and Stanbreck Properties Ltd. The petition was presented on the grounds of the company’s alleged inability to pay its debts, as outlined under section 122(1)(f) of the Insolvency Act 1986.
Case Details
The company, MPB Developments Limited, was initially incorporated in 2018 with the intention of engaging in property investment and development projects. The petitioners, Cresta and Luxor, both owned by the Erlich family, provided substantial loans to the company, which were due for repayment by the end of 2029. The…
