cheap viagra buyThe bid in the High Court recently by Anglo Irish Bank to have its own nominee as trustee appointed to the estate in bankruptcy of Sean Fitzpatrick was defeated by the appearance of six small creditors who opposed the appointment.  Their total claims would only amount to a very small fraction of the multi-millions owed to Anglo yet they prevailed.  The appointment needed the support of three fifths of creditors appearing both by value and number - Anglo surely had the value but lacked the numbers...

This is a timely reminder that the pure value majority requirement that has been incorporated as standard into most of the common insolvency procedures in the UK has not been so ubiquitously adopted here.  Section 47 of the Company Law Enforcement Act, 2001 specifically amended Section 267 of the 1963 Act to bring the pure value criterion into force only for the purpose of appointing the liquidator at a creditors' meeting - no other circumstance was amended so the need for majority in both number and value remains as previously in many other circumstancescan you buy viagra in dubai.

cheapest generic viagra cialisThe impulse to change S.267 to "value only" was of course to attempt to counter the perceived frustration of major value creditors in appointing their own nominee by managing directors packing the voting with small value creditors thereby preventing the number criterion from being achieved.  It was seen as a good thing to change in the context of S.267 - the question now arises as to whether it might not be a desirable change in other circumstances.

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