Judge says timing of examinership application 'profoundly suspicious'
Counsel said that her clients, which claim to be owed $178 million by the GTLK Europe group, will be fully opposing the examinership petition, which she submitted is “fatally flawed”.
Counsel said her clients were concerned about these developments, and arising from fears that their position could be further prejudiced, asked the High Court to strike out the examinership application and allow the winding-up petitions to proceed as originally fixed by the court. The judge, who last Friday had expressed his scepticism about the examinership application, said the timing of that application was “profoundly suspicious”.
He said he was suspicious of the application to have the dispute between the creditors and the companies go to arbitration in the UK. The four creditors which are seeking to wind up the GTLK firms and are represented by Ms Smith, instructed in the proceedings by William Fry solicitors, are Trinity investments DAC and an associated entity, Allestor Europe Multi Asset Portfolio, a sub fund of Allestor Capital ICAV; Ben Oldman Special Situations Fund LP and Sona Credit Master Fund Limited, which are both registered in the Cayman Islands.
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