“The requirement in s 123(2) of the Insolvency Act 1986 to ‘[take] into account [the company’s] contingent and prospective liabilities’ when determining whether the value of the company’s assets was less than the amount of its liabilities could not require such liabilities to be aggregated at their face value with debts presently due, nor require the conversion of prospective liabilities denominated in some currency other than sterling into sterling at the present spot rate.”
WLR Daily, 3rd August 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
