IWG has acted for a substantial overseas property company in successfully opposing an application by a high street bank for the making of an administration order. The application was heard by the High Court in November 2014.
The application arose out of the client’s alleged default under a loan facility valued at approximately £30m and required a detailed analysis of the loan documents and subsequent events. Complex legal issues arose as to the location of the client’s “centre of main interest” and the court’s ability to make an administration order at all.
On the day of the hearing, the bank conceded that it was not able to proceed with the application. The application was withdrawn and the bank was ordered to pay the client’s costs.
IWG litigation partner Ben Horack advised on the litigation, with input from client partner Paul Sheeter on the property aspects.
Further information on Ben Horack and Paul Sheeter can be found on the Meet the Team page. Information on the litigation and property teams can be found on the Litigation and Property pages.