In the matter of Sphinx Group of Companies (In Official Liquidation) [2012] CIFsd 7 (02 February 2012)

The court held that the distribution of assets in the official liquidation must follow the statutory order of priorities as set out in the Companies Law and applicable insolvency principles.

Citation: [2012] CIFsd 7
Parties: Company in Liquidation: Sphinx Group of Companies (In Official Liquidation)
Jurisdiction: Cayman Islands
Judgment Date: 02 February 2012
Procedural Posture: Company Liquidation / Judgment
Outcome: application granted
Legal Topics: Official Liquidation, Winding Up, Distribution of Assets

Insolvency Company Law Official Liquidation Winding Up Distribution of Assets

Case Brief

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Parties

Sphinx Group of Companies (In Official Liquidation)

Company in Liquidation

Procedural Posture

Company Liquidation / Judgment

Legal Issues

1 proper procedure for distribution of assets in official liquidation
2 entitlement of creditors in liquidation

Ratio Decidendi

The court held that the distribution of assets in the official liquidation must follow the statutory order of priorities as set out in the Companies Law and applicable insolvency principles.

Court Disposition

application granted

Orders

assets to be distributed in accordance with statutory priorities
liquidators to proceed with distribution as directed