Advised a director of a company that had its secured debt due to a large retail clearing bank transferred to a hedge fund. The hedge fund immediately placed the company into administration without discussion or warning. Efforts to resolve issues ignored by the hedge fund. The director of the company was restricted from obtaining refinance due to the administration of the company and sought advice on how to solve the issues.
On our advice, the director of the company challenged the administrators on the basis that the assets exceeded the debts due from the company and therefore statutory objectives could not be met.
After corresponding with the administrators, resolution was achieved to see the company handed back to the director.
