In the matter of Centaur Litigation SPC, Centaur Litigation Unit Series Ltd [2017] CIFsd 50 (07 November 2017)

The court found that the company was unable to pay its debts as they fell due and that the statutory demand was validly served and not satisfied, justifying a winding up order.

Citation: [2017] CIFsd 50
Parties: Applicant: Centaur Litigation SPC; Respondent: Centaur Litigation Unit Series Ltd
Jurisdiction: Cayman Islands
Judgment Date: 07 November 2017
Procedural Posture: Company Law Winding Up Petition / Judgment
Outcome: winding up order granted
Legal Topics: Winding Up, Statutory Demand, Solvency

Company Law Insolvency Winding Up Statutory Demand Solvency

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Parties

Centaur Litigation SPC

Applicant

Centaur Litigation Unit Series Ltd

Respondent

Procedural Posture

Company Law Winding Up Petition / Judgment

Legal Issues

1 Whether the company should be wound up on the grounds of insolvency
2 Whether the statutory demand was validly served

Ratio Decidendi

The court found that the company was unable to pay its debts as they fell due and that the statutory demand was validly served and not satisfied, justifying a winding up order.

Court Disposition

winding up order granted

Orders

The company is to be wound up under the supervision of the court.
A liquidator is to be appointed.