Maud faces fresh bankruptcy petition

Glenn Maud is once again battling to fend off a bankruptcy order, in the latest stage of his battle with creditors, Robert Tchenguiz’s Edgeworth Capital and Abu Dhabi investment fund Aabar. A previous bankruptcy order made against Maud was overturned earlier this year by High Court judge Mr Justice Snowden. Now the same judge is hearing the petition afresh, as Edgeworth and Aabar once again push for bankruptcy. Maud, who is supported by other creditors opposed to the bankruptcy petition, seeks more time to pay Edgeworth and Aabar once a significant property in Spain, in which he has an interest, can be sold. However, lawyers representing Edgeworth and Aabar say there is no credible evidence that Maud’s creditors will be in a better position if no bankruptcy order is made. In an earlier decision in the case, Mr Justice Snowden set out the background to the dispute, which he described as “both complicated and unusual”.  He said: “The petition is merely one aspect of a wider set of proceedings in England and Spain which have at their heart the arrangements for the financing and ownership of a group of Spanish and Dutch companies known as ‘the Marme Group’ that owns a very substantial office and real estate complex in Boadilla del Monte, Madrid. “That complex has been let on a long lease to a company in the Santander Banking group and houses the international headquarters of Banco de Santander. The complex is known locally as ‘the Financial City’ and the asset that it represents has been referred to throughout the proceedings as ‘the Santander Asset’. On any view, it is an asset of substantial value worth several billion euros.”  He said that the parent company of the Marme Group is owned in equal proportions by Maud and business associate Derek Quinlan, but added: “The companies in the group are, however, heavily indebted as a result of incurring the finance for the acquisition of the Santander Asset, and they have entered insolvency proceedings in Spain. “In the course of those proceedings, the Spanish court has approved a liquidation plan under which the assets of the group – principally the Santander Asset – will be sold to the highest bidder with a view to repaying the debts of the Marme Group and (possibly) returning some value to its shareholders.” Rival bids for the Santander asset have been made by Maud and a number of investment partners, and also by Aabar and Edgeworth. However, the two petitioning creditors deny that they have a “collateral purpose” for pursuing the bankruptcy petition. The judge is hearing the latest petition over at least two days, and is expected to reserve judgment. • To send feedback, e-mail jess.harrold@estatesgazette.com or tweet @jessharrold or @estatesgazette