- Court considers indemnity given by shareholders to liquidator in MVL (Currie v Thornley and another)
- What are the practical implications of this decision?
- What was the background to the case?
- What did the court decide?
- Are there any points to be mindful of when drafting deeds of indemnities?
Restructuring & Insolvency analysis: Benn Richards, partner at Clarke Willmott LLP, examines the decision of the High Court in Currie v Thornley and another, which found that a deed of indemnity signed by directors and shareholders of a company in a members voluntary liquidation (MVL), covered the liability of that company to pay accelerated payment notices (APNs) for the company’s tax liability issued by HMRC.
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