Insolvency process closure follows where no claims arise after public announcement and discharge arrangements remove obstacles to termination.

Closure of the corporate insolvency resolution process was supported because no claims were received after the public announcement and the parties had entered into discharge arrangements. The note states that insolvency proceedings may be terminated where no claimant or other impediment to closure subsists. It further records that the bank lien was to be released and funds disbursed in accordance with the discharge agreements. The process was closed and the impugned order set aside.

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Issues: Whether the corporate insolvency resolution process could be closed where no claims had been received following the public announcement and the parties had entered into discharge arrangements.

Analysis: The public announcement had been issued, yet the resolution professional confirmed that no claims were received in the corporate insolvency resolution process. Applying the principle that insolvency proceedings may be closed in appropriate circumstances, including where there is no subsisting claimant or impediment to closure, the discharge arrangements supported termination of the process. The consequential release of the bank lien and disbursement was directed in accordance with the discharge agreements.

Conclusion: The corporate insolvency resolution process was closed, the impugned order was set aside, and the bank lien was withdrawn for disbursement under the discharge agreements.

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