I'd presume a good chunk of that 50k owed is from his Defamtion claim rather then breach of contract as the compensation awarded in defamtion cases are usually substantial.
What is the situation with Waterford's other creditors?I know in cases like this where it's a single creditor who brings a petition, the Court is usually unwilling to grant the order if the other creditors don't wish for it to be wound up.
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