Summary
The court was prepared to provide for immediate release of
administrators from office and to wind up a company without
presentation of a petition.
The Facts
Administrators applied to court for their release, the winding
up of the company and their appointment as liquidators.
The company's remaining asset was a leasehold interest with
an ultimate landlord, the immediate landlord having surrendered its
interest.
The company was in breach of various lease provisions and the
landlord was not prepared to assign the lease to a purchaser, nor
surrender the lease. The administrators were therefore unable to
realise any value for the lease nor disclaim it.
As there were no other assets to realise and the secured
creditor was no longer prepared to fund the administration, the
administrators contended that the statutory purpose could no longer
be achieved and applied to court to wind up the company and be
appointed as liquidators so that they could disclaim
