In the matter of Fortuna Development Corporation [2010] CIFsd 47 (06 December 2010)

In the matter of Fortuna Development Corporation [2010] CIFsd 47 (06 December 2010)

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

Citation
[2010] CIFsd 47
Parties
Subject Company: Fortuna Development Corporation
Jurisdiction
Cayman Islands
Judgment Date
06 December 2010
Procedural Posture
Corporate Insolvency / Judgment
Outcome
petition 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

Subject Company

Procedural Posture

Corporate Insolvency / Judgment

Legal Issues

  1. 1 Whether Fortuna Development Corporation should be wound up
  2. 2 Whether a liquidator should be appointed

Ratio Decidendi

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

Court Disposition

petition granted

Orders

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