Nice post from Ziggy from the LSE on the liquidators responsibility .
out today , only a couple of entries …not us
Been referenced a number of times about the assets being transferred out of the company and will Hope challenge that move , probably stating the obvious but I would assume that is now out of his hands and it is for the liquidator to decide if the move should be challenged . Can Hope have any input with liquidator , be naïve to think he won’t try , but …
Insolvency practitioners’ fiduciary duties are defined through several fundamental principles. These are as follows:
- Professional competence and due care
- Professional Behavior
The wait continues
The liquidators have to be completely unbiased during the VLP process. We strongly suspect that FRR have moved the prized assets away from Hope’s reach in FRCC. My only concern is that FRCC has new directors and am wondering if they’ll either let sleeping dogs lie or if they will attempt to reserve the maneuver that FRR may have performed. If the new FRCC directors attempt to reverse the maneuver during the DOS and this causes great harm to the parent company and also FRCC will the “new FRCC” directors be liable for their actions?
Imagine this is now a complex situation for all concerned, one thing is for sure, Hope was not planning on FRR’s crafty maneuver.
Good luck all.