Sefton Resources moves to fight bankruptcy case

US oil and gas company Sefton Resources has moved to fight a bankruptcy claim brought by a former board member, and claimed the action was brought in bad faith.

The company has filed an application to dismiss the bankruptcy application brought by former executive chairman James Ellerton, Sefton said in a statement

It was also seeking fees, costs and punitive damages from Ellerton, who Sefton alleged brought the application in bad faith.

In separate litigation, Sefton wanted damages from Ellerton based on allegations and misconduct and unlawful activities during and after his time at the company.

Shares in Sefton were down by 10.89% to 0.401p at 0905 BST.