The creditor, Mr Khera, presented a winding up petition against Palladian Capital Limited (Capital), a company of which he was a director, on 10 February 2023 and Palladian (Penfold) Limited (Penfold), a company of which he was a former director and 50% shareholder, on 13 February 2023.
Both petitions were based upon unpaid director’s loan accounts in the sums of £237,070.80 and £612,162.19 respectively.
Capital opposed the debt on the basis the debt allegedly due had been assigned to Mr Khera’s co-director. In respect of Penfold, it was alleged that there was a cross-claim by means of a derivative action against Mr Khera based on an allegation that in breach of his duties as a director; he caused Penfold to sell two properties at an undervalue in February and April 2021. It was alleged that the loss suffered by Penfold exceeded the sum due in respect of the director’s loan account.
In respect of Capital, the court concluded that there was no dispute of any real substance; following a consideration of the documentary evidence the court found that it contradicted Capital’s opposition.
In respect of Penfold, following a consideration of the documentary evidence, the court was not convinced that there was a genuine cross-claim given it was not raised until Mr Khera threatened to seek a winding up order. Further the court found that the alleged cross-claim itself was contradicted by the documentary evidence.
The court therefore made winding up orders against both companies.
In regards to Palladian Capital Ltd.
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