The Insolvency and Companies Court, in A Company -v- Visionary Future LLC & ors. (unreported), has dismissed an application by a company seeking to strike out, or alternatively restrain advertisement of, a winding-up petition brought by creditors. The judgment underlines the critical importance of providing proper and substantiated evidence in insolvency proceedings.
Lewis Silkin acted for the petitioners (the respondents in the application), who have since been successful in winding up the company in question.
Background
The petitioners had invested a significant sum into the company by way of convertible loan notes with a repayment date of 31 December 2025; those convertible loan notes also accrued interest which would fall payable on…