In the Matter of Aubit International - Judgment

Dismissal of petition for the appointment of restructuring officers pursuant to section 91B of the Companies Act (2023 Revision) – need to produce a rational and credible restructuring plan, even if only provided in outline – there must be a real prospect that the restructuring plan, with reasonable prospects of success, will be effected for the benefit of the general body of creditors – a two-phase approach of firstly gathering in assets, documentation and information, commencing legal proceedings for recovery of the same if necessary and undertaking forensic investigations and then presenting a restructuring plan many months or some years later will not usually be appropriate - observations as to the jurisdiction and discretion of the Court under section 91B. Insolvency; Company Law; Restructuring