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Section 7 admission of a corporate insolvency resolution process...
Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain actionable.
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Section 7 admission of a corporate insolvency resolution process requires establishment of financial debt and default exceeding the applicable threshold; exact quantification of the payable amount or disputed interest is not required at the admission stage. Assigned loan debt and continuing non-payment under a subsequent one-time settlement supported admission where the debtor repeatedly failed to meet repayment commitments. Section 10A immunity does not apply where the settlement was revoked before the statutory Covid exclusion period and the stated default date fell after that period, despite the default continuing through it. The insolvency admission was therefore affirmed, and the exclusion plea was rejected.
Section 7 admission of a corporate insolvency resolution process requires establishment of financial debt and default exceeding the applicable threshold; exact quantification of the payable amount or disputed interest is not required at the admission stage. Assigned loan debt and continuing non-payment under a subsequent one-time settlement supported admission where the debtor repeatedly failed to meet repayment commitments. Section 10A immunity does not apply where the settlement was revoked before the statutory Covid exclusion period and the stated default date fell after that period, despite the default continuing through it. The insolvency admission was therefore affirmed, and the exclusion plea was rejected.
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