PGH Investments Ltd (Appeal) [23/11/2021]

On 23 November 2021, Mrs Justice Falk dismissed an appeal against the decision of Deputy ICC Judge Passfield in Re PGH Investments Ltd [2021] EWHC 533 (Ch); [2021] BCC 659; [2021] 2 BCLC 436.

Phillip Gale acted for the successful company at first instance and on appeal.

The appeal concerned the construction of a guarantee in the context of a disputed winding up petition. The judge below made significant observations about the Corporate Insolvency and Governance Act 2020, including as to the meaning of ‘financial effect’ and the burden of proof. These were not the subject of appeal by either party and have been referred to in two subsequent cases: Re a Company [2021] EWHC 2905 (Ch) and Re a Company [2021] EWHC 2289 (Ch).