In the matter of Fortuna Development Corporation [2009] CIFsd 11 (30 April 2009)

The court found that Fortuna Development Corporation was unable to pay its debts and that no alternative remedy was appropriate, justifying a winding up order.

Citation: [2009] CIFsd 11
Parties: Subject Entity: Fortuna Development Corporation
Jurisdiction: Cayman Islands
Judgment Date: 30 April 2009
Procedural Posture: Corporate Insolvency / Judgment
Outcome: winding up order granted
Legal Topics: Winding Up, Corporate Liquidation

Corporate Law Insolvency Winding Up Corporate Liquidation

Case Brief

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Parties

Fortuna Development Corporation

Subject Entity

Procedural Posture

Corporate Insolvency / Judgment

Legal Issues

1 whether Fortuna Development Corporation should be wound up

Ratio Decidendi

The court found that Fortuna Development Corporation was unable to pay its debts and that no alternative remedy was appropriate, justifying a winding up order.

Court Disposition

winding up order granted

Orders

Fortuna Development Corporation is to be wound up under the supervision of the court