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Looking at the judgment it was said "In my view (ie the judges),.....there is no evidence of any actual insolvency. Having looked at the financial records, it is plain that the only reason why there is a negative figure in the draft accounts is because of an inter-company loan which is completely unexplained. the file at companies house suggests that the company has been insolvent for a number of years.

I presume the inter company loan was used to fund the not insubstantial losses made by the company over the years so it is unclear why the judge reached his conclusion. In addition where i may disagree with the tone of the language used by Keystone the message would appear to be entirely correct and the company is now in administration. It would appear there not be an attempt to use insolvency law to frustrate payment of the debt but a statement of fact somewhat similar to the comment used by on Insolvency practitioner to me once "my client has very few assets but those he does have he will spend in legal fees before you get paid!".