*LF2 Ltd v Superstone and another

Company – Administrator. LF2 Ltd's appeal against a deputy judge's dismissal of its application for an order, under para 74 of Sch B1 to the Insolvency Act 1986, requiring the joint administrators of another company to assign to LF2 a cause of action that the company allegedly had in relation to a claim against its former solicitors (the Firm) was dismissed. The Companies Court held, among other things, that, while the deputy judge had been wrong to conclude on the material before him that the claim against the Firm was frivolous and vexatious, it was not open to the present court to allow the appeal, having regard to the terms of LF2's appellant's notice. The court considered the procedure to be adopted in relation to an application under para 74, and the attitude an administrator should adopt in relation to the possibility of a claim by a company against a third party.

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