In the matter of Fortuna Development Corporation [2009] CIFsd 1 (06 January 2009)

In the matter of Fortuna Development Corporation [2009] CIFsd 1 (06 January 2009)

The court found that Fortuna Development Corporation was insolvent and unable to pay its debts, satisfying the statutory grounds for winding up and appointment of a liquidator.

Citation
[2009] CIFsd 1
Parties
Applicant: Fortuna Development Corporation
Jurisdiction
Cayman Islands
Judgment Date
06 January 2009
Procedural Posture
Corporate Insolvency / Judgment
Outcome
application granted
Legal Topics
Winding Up, Appointment of Liquidator
Corporate Law Insolvency Winding Up Appointment of Liquidator

Case Brief

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Parties

Fortuna Development Corporation

Applicant

Procedural Posture

Corporate Insolvency / Judgment

Legal Issues

  1. 1 Whether Fortuna Development Corporation should be wound up under the Companies Law
  2. 2 Whether a liquidator should be appointed

Ratio Decidendi

The court found that Fortuna Development Corporation was insolvent and unable to pay its debts, satisfying the statutory grounds for winding up and appointment of a liquidator.

Court Disposition

application granted

Orders

  • Fortuna Development Corporation is ordered to be wound up.
  • A liquidator is appointed to Fortuna Development Corporation.