Hooley Ltd petitioner; Hooley Ltd v The Victoria Jute Company Ltd and others; Hooley Ltd v The Samnuggur Jute Factory Ltd and others; Hooley Ltd v Titaghur plc and others

Insolvency – Administrator – Powers of administrator – Enforceability of floating charge. Court of Session: In proceedings in which a company sought declarator in three petitions concerning its rights under Scots law arising out of contracts entered into with the administrator of three companies incorporated in Scotland but carrying on business in India, it also having raised three ordinary actions concerning the same substantive issues as the petitions in response to a challenge to the competency of seeking declarator in a petition, the court held that the applications seeking declarations did not fall within the ambit of petition procedure and were accordingly incompetent, it repelled the plea of lis pendens taken in respect of each of the ordinary actions seeking dismissal of those actions, and concluded, on its interpretation of the scope of the application of the principle of modified universalism and of paras 14 and 16 of Sch B1 to Insolvency Act 1986, that the substantive issues for debate in relation to the three companies must be answered in the negative.

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