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Acknowledgements and out of court restructuring proposals constituted valid acknowledgements under the Limitation Act, extending limitation and rendering the insolvency petition timely; this conclusion was upheld. Substituted service by publication, the debtor counsel's subsequent appearance, and multiple adjournments afforded before the ex parte order established that principles of natural justice were respected; no breach was found. Documentary evidence of disbursement, the debtor's repeated restructuring requests and one-time settlement offers supported findings of debt and default, justifying admission of the insolvency petition and appointment of an interim resolution professional. The appeal was dismissed and the admission upheld.
Acknowledgements and out of court restructuring proposals constituted valid acknowledgements under the Limitation Act, extending limitation and rendering the insolvency petition timely; this conclusion was upheld. Substituted service by publication, the debtor counsel's subsequent appearance, and multiple adjournments afforded before the ex parte order established that principles of natural justice were respected; no breach was found. Documentary evidence of disbursement, the debtor's repeated restructuring requests and one-time settlement offers supported findings of debt and default, justifying admission of the insolvency petition and appointment of an interim resolution professional. The appeal was dismissed and the admission upheld.
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