Re AMCD (Property Holdings) Ltd
Jurisdiction | England & Wales |
Judge | MR JUSTICE LEWISON |
Judgment Date | 15 June 2004 |
Neutral Citation | [2004] EWHC 3463 (Ch) |
Date | 15 June 2004 |
Court | Chancery Division |
Docket Number | 3662 OF 2004 |
[2004] EWHC 3463 (Ch)
IN THE HIGH COURT OF JUSTICE
CHANCERY DIVISION
Royal Courts of Justice
Strand
London WC2
Mr Justice Lewison
3662 OF 2004
Mr M Wheater (instructed by Staple Inn Partnership) appeared on behalf of the Claimant
Approved Judgment
This is an application for the making of an administration order in respect of a company called AMCD (Property Holdings Limited). That company is a special purpose vehicle whose object in life is to manage a building project being carried out for another company called Toha Properties Limited, which is an offshore company based in Jersey. The current phase of the building project is almost complete. I am told that it is in fact 95 per cent complete and the contractors are carrying out various snagging works which include painting, grouting, exterior terracing and landscaping. The properties comprised in the building project are now on the market.
There has been interest in the properties, although no offers have yet been made. If the properties are sold at their current asking prices, they will fetch something in the region of £2.45 million which, after paying off Toha's borrowing, will leave a very healthy surplus.
The company employed as a consultant a Mr Gower who claims that the company owes him a large amount by way of fee. The amount claimed is in the region of £100,000. On 10 November 2003, he served a statutory demand on the company requiring payment of that amount, and since no payment was made, on 24 February 2004 he presented a winding up petition in the Cheltenham County Court. That petition was served on the company a couple of days later and in the following month it was advertised in the London Gazette.
The petition has been making its way through the Cheltenham County Court and was listed for hearing although that has now been adjourned. On 7 June 2004, Mr Mustoe, who is the sole director of the company—although in his witness statement he describes himself as “a” director of the company—applied for an administration order. The administration application filed in accordance with Rule 2.2 of the Insolvency Rules does not specify any object of the administration. In paragraph 2.2 of his witness statement, Mr Mustoe says:
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