News
Liquidation of a privately held company
Restructuring and turnaround
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The matter
Aston Chace was appointed as voluntary administrators of a company subject to a winding up order, followed by a court endorsed appointment as liquidator. Subsequent investigations resulted in proceedings against a director for insolvent trading, followed by a court order to freeze the director’s personal assets.
The solution
Working with a legal team, government agencies were engaged to request a variation to the freezing orders that were put in place. These were consented to, allowing funds to be made available to the liquidation.
The outcome
The claims of insolvent trading were prosecuted by Aston Chace, which continues to be enforced on behalf of the company and its creditors, with a view to realising the personal property to provide for a dividend.
