Re a company (No 5245 of 2017)

Company – Winding up. Applying settled law, the test for granting an injunction restrain the presentation of a winding up petition was whether there was a genuine and serious cross-claim in an amount exceeding the petitioner's debt. The test was not that the cross-claim had to be 'more than merely arguable'. The Companies Court so ruled in granting the applicant company's application to restrain the respondent company from presenting, advertising or otherwise publicising a winding up petition against it. The court, applying settled law, held that the applicant had established that it had a genuine and serious cross-claim that exceeded the value of the debt and that it would be a proper exercise of the court's discretion to issue an injunction to enable it to substantiate its claim.

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