In the Matter of Performance Insurance Company SPC - Ruling [2024] CIFsd 81 (15 July 2024)

The court found that Performance Insurance Company SPC was unable to pay its debts as they fell due and that it was just and equitable to order the winding up of the company under the Companies Act.

Citation: [2024] CIFsd 81
Parties: Subject Company: Performance Insurance Company SPC
Jurisdiction: Cayman Islands
Judgment Date: 15 July 2024
Procedural Posture: Company Matter / Ruling
Outcome: winding up order granted
Legal Topics: Winding Up, Solvency, Statutory Interpretation

Company Law Insurance Law Winding Up Solvency Statutory Interpretation

Case Brief

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Parties

Performance Insurance Company SPC

Subject Company

Procedural Posture

Company Matter / Ruling

Legal Issues

1 Whether Performance Insurance Company SPC should be wound up under the Companies Act
2 Whether the company is insolvent or unable to pay its debts

Ratio Decidendi

The court found that Performance Insurance Company SPC was unable to pay its debts as they fell due and that it was just and equitable to order the winding up of the company under the Companies Act.

Court Disposition

winding up order granted

Orders

Performance Insurance Company SPC is to be wound up under the Companies Act.
The Official Liquidator is appointed to take charge of the company's affairs.