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In the matter of Q3 Media Ltd

In relation to an application by a company's prospective creditors for an administration order over the company, although the court was satisfied that the company was unable to pay its debts, it was not satisfied that an order was likely to achieve the purpose of administration as the company was subject to an interim receiving order under s 246 of the Proceeds of Crime Act 2002 and it was likely that all the company's assets were recoverable property and not available to creditors.

2 June 2006

The applicant liquidator (W) applied for the appointment of an administrator over a company (Q). An interim receiver had been appointed under s 246 of the Proceeds of Crime Act 2002 for Q’s assets and an order had been granted restraining Q from dealing with its property. W had been appointed as the liquidator of two companies (X), both of which had entered into a distribution agreement with a third party. That agreement was purportedly assigned on behalf of X to Q. W alleged that there had been no consideration for the assignment and that Q was indebted to X as the third party had paid amounts to Q that, but for the assignment, would have been paid to X. W claimed that X had a claim in restitution against Q entitling it to monies, which, despite a number of requests, Q had failed to pay. W argued that an administration order would enable him to investigate the sale of Q’s business even though there might not be a benefit to Q’s creditors as Q’s business and assets could be ...

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