7th Jul 2016 16:19
LONDON (Alliance News) - Boxhill Technologies PLC on Thursday said the winding up petitions purportedly issued under the Insolvency Act 1986 against both the company itself and its Prize Provision Services Ltd subsidiary have been dismissed by the High Court in London.
Boxhill had previously said the petitions were "wholly without legal merit, procedurally and technically deficient and are liable to be struck-out as an abuse of legal process". The company said it took legal advice in reaching its view.
"The petitions have been presented by Eupay Group Ltd, a company that formerly supplied payment services to the group, and the board believe this to be an effort to avoid repaying balances due to the group of GBP225,235," Boxhill said in a statement last month.
On Thursday, Boxhill said the petitions had been dismissed by the UK High Court.
Shares in Boxhill closed up 30% at 0.240 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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