https://www.taxtmi.com/caselaws?id=236286 An engagement letter providing success fees on completion of a financing transaction supported an admitted debt where the company did not terminate the engagement, did not contemporaneously dispute the invoices, and later correspondence acknowledged receipt of the invoice and sought time to pay. A later attempt to confine the fee to an "arranged" finance structure, or to rely on an alleged oral reduction of fees, was not supported by the contract or correspondence. On the winding-up issue, once the debt was not shown to be bona fide disputed and remained unpaid, the statutory presumption of inability to pay arose; commercial solvency alone did not answer an admitted liability. The winding-up petition was therefore maintainable, subject to the time granted for payment before the order became operative. en-us Tue, 07 May 2013 00:00:00 +0530 Thu, 22 Aug 2013 06:51:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236286 An engagement letter providing success fees on completion of a financing transaction supported an admitted debt where the company did not terminate the engagement, did not contemporaneously dispute the invoices, and later correspondence acknowledged receipt of the invoice and sought time to pay. A later attempt to confine the fee to an "arranged" finance structure, or to rely on an alleged oral reduction of fees, was not supported by the contract or correspondence. On the winding-up issue, once the debt was not shown to be bona fide disputed and remained unpaid, the statutory presumption of inability to pay arose; commercial solvency alone did not answer an admitted liability. The winding-up petition was therefore maintainable, subject to the time granted for payment before the order became operative. Case-Laws Companies Law Tue, 07 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236286