They can't dispose of assets7 Nov 2023 22:23
The company can't sell any assets, a WUP has intervened, what do you lot not get? to sell any assets now, they need permission of the High Court Judge, who will also be aware of the Queeld case, and will likely injunct any monies/assets until the WUP is determined at the very least. If they have so much as tried to dispose of any assets, knowing that the WUP was forthcoming, a Judge will hammer them. They only have one option which is to pay Gowlings claim in full including the added costs. They can try and get an emergency hearing to injunct the WUP, but a Judge isn't going to have much sympathy with them as they should have dealt with it before it got anywhere near this far on, and it isn't a good look for the company for the forthcoming Queeld case, and tongues wag in courts. That ad will go in the Gazette probably in the next 48 hours, the bank accounts will then be frozen, and the Court will probably expedite the hearing and bring an end to it all. Will save court time on hearing the Queeld case for a week next week that is for sure and Judges always like that! It means they can leave early to go to the country on Fridays!!! (tongue in cheek!) :)
Something has occurred today on the Queeld case. I suspect either Queeld and Mispare have been advised to piggy back on the back of the WUP of Gowlings as there's now no hope of that hearing taking place, or Simmons and Simmons have asked to be removed from the Court record as acting for the company. How can they now act on behalf of the company when they know they've failed to pay Gowlings and are possibly insolvent? I suspect the company already know their chances of winning Queeld and Mispare is slim and I said this months ago. I said they would be best to settle it as a damage limitation measure, but no, they haven't, and more than likely because they haven't got the funds to do so. The Board have bled the company dry from the UK end, and you have to ask, was that always their intention, after raising 35 million or whatever hefty amount it was? I have my own views on that. my views as always but quite frankly, it stinks. And if by some divine miracle they do manage to persuade a Judge that they can pay Gowlings off, who on earth is going to trust them now? absolutely no one. imo.