BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others – WLR Daily

Posted August 9th, 2010 in debts, insolvency, law reports, winding up by sally

BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL plc and others [2010] EWHC 2005 (Ch); [2010] WLR (D) 223

“The requirement in s 123(2) of the Insolvency Act 1986 to ‘[take] into account [the company’s] contingent and prospective liabilities’ when determining whether the value of the company’s assets was less than the amount of its liabilities could not require such liabilities to be aggregated at their face value with debts presently due, nor require the conversion of prospective liabilities denominated in some currency other than sterling into sterling at the present spot rate.”

WLR Daily, 3rd August 2010

Source: www.lawreports.co.uk

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