Kate Rogers (instructed by Crowell & Moring) acted for the joint provisional liquidators, Michael Leeds and Kristina Kicks of Interpath. The High Court has held that the joint provisional liquidators of Versilia Solutions Ltd were entitled, on the specific wording of their appointment and the urgent commercial circumstances, to complete a pre liquidation sale of substantially all of the company’s business and assets without prior Court approval, finding that converting rapidly diminishing assets into cash fell within their protective mandate.

The judge also confirmed that the Court has jurisdiction to retrospectively ratify an out-of-scope sale in an appropriate case, while cautioning that advance approval should ordinarily be sought.

Read the full article and judgment here.