Chase Cambria
  • Log in
  • Not a member yet?
go
  • Contact
  • Webmail
  • Archive
 
  • Home
  • Overview
  • Journal Issues
  • Subscriptions
  • Editorial Board
  • Author Guidelines

International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
  • Vol 5 (2008)
  • Vol 6 (2009)
  • Vol 7 (2010)
  • Vol 8 (2011)
  • Vol 9 (2012)
  • Vol 10 (2013)
  • Vol 11 (2014)
  • Vol 12 (2015)
  • Vol 13 (2016)
  • Vol 14 (2017)
  • Vol 15 (2018)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 16 (2019)
  • Vol 17 (2020)
  • Vol 18 (2021)
  • Vol 19 (2022)
  • Vol 20 (2023)
  • Vol 21 (2024)
  • Vol 22 (2025)

Vol 15 (2018) - Issue 4

Article preview

Using a Cross-Claim to Injunct a Winding-up Petition: The Position Considered and Restated in LDX International Group LLP v Misra Ventures Limited

Richard Tett, Head of London Restructuring & Insolvency, and Luke FitzGerald, Associate, Freshfields Bruckhaus Deringer, London, UK

Synopsis

LDX International Group LLP v Misra Ventures Limited is an excellent summary of when a debtor can use a cross-claim to restrain a winding-up petition. It follows In re Bayoil and holds that a debtor’s cross-claim must be genuine and serious, or, in other words, one of substance. Although the Companies Court is not the right court for a detailed examination of the counterclaim, the debtor has the burden of proof and there is a minimum evidential threshold. Equally, given the draconian nature of a winding up order and serious consequences if wrongly granted, the court will proceed cautiously before allowing a petition to proceed.

Introduction

Some cases are noteworthy as they break new ground, others because they are an excellent summary of the relevant law – the recent case of LDX International Group LLP v Misra Ventures Limited [2018] EWHC 275 (Ch) is the latter. In his judgment, David Stone (sitting as a Deputy High Court Judge) considered when an asserted cross-claim can justify an injunction to restrain a winding-up petition. David Stone considered the various relevant cases and provided a helpfully concise summary of the key principles.

Buy this article
Get instant access to this article for only EUR 55 / USD 60 / GBP 45
Buy this issue
Get instant access to this issue for only EUR 175 / USD 230 / GBP 155
Buy annual subscription
Subscribe to the journal and recieve a hardcopy for
EUR 730 / USD 890 / GBP 560
If you are already a subscriber
log In here

International Corporate Rescue

"International Corporate Rescue is the ultimate legal and commercial guide through the maze of complex cross border insolvency and restructuring issues."

William Q Derrough, Managing Director and Co-head of Recapitalization & Restructuring Group, Moelis & Company, New York

 

 

Copyright 2006 Chase Cambria Company (Publishing) Limited. All rights reserved.