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Company – Insolvency. The Chancery Division, on the application of the joint liquidators of four companies in creditors ' voluntary liquidation, granted a declaration that proposed dividends were held on trust by the joint liquidators for the first, second and third respondent companies who, as guarantors of a loan borrowed by the parent company, had repaid the debt in full. The court held that it should adopt an approach which sought to achieve equality of contribution to a parent company guaranteed by each of the companies who had been able to contribute the discharge of the liability of the parent company and that such a declaration would achieve the most equitable outcome as between the creditors of each of the paying subsidiary guarantors in the present case.
Company – Insolvency. The Chancery Division, on the application of the joint liquidators of four companies in creditors ' voluntary liquidation, granted a declaration that proposed dividends were held on trust by the joint liquidators for the first, second and third respondent companies who, as guarantors of a loan borrowed by the parent company, had repaid the debt in full. The court held that it should adopt an approach which sought to achieve equality of contribution to a parent company guaranteed by each of the companies who had been able to contribute the discharge of the liability of the parent company and that such a declaration would achieve the most equitable outcome as between the creditors of each of the paying subsidiary guarantors in the present case.
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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