ARM Asset Backed Securities SA, Re [2013] EWHC 3351 (Ch) (09 October 2013)

ARM Asset Backed Securities SA, Re [2013] EWHC 3351 (Ch) (09 October 2013)

The English court has jurisdiction to appoint provisional liquidators because the company's COMI is in England, the company is insolvent or likely to be insolvent, and it is just and equitable to wind up the company. The statutory and regulatory requirements for appointment of provisional liquidators are satisfied.

Citation
[2013] EWHC 3351 (Ch)
Parties
Applicant: ARM Asset Backed Securities S.A.
Jurisdiction
England and Wales
Judgment Date
09 October 2013
Procedural Posture
Application for Appointment of Provisional Liquidators (insolvency) / First Instance Judgment on Application for Provisional Liquidators
Outcome
Application granted
Legal Topics
Centre of Main Interests (comi), Jurisdiction Under EC Regulation on Insolvency Proceedings, Appointment of Provisional Liquidators, Winding Up of Unregistered Companies, Just and Equitable Winding Up, Cross Border Insolvency
Insolvency Company Law Private International Law Centre of Main Interests (comi) Jurisdiction Under EC Regulation on Insolvency Proceedings Appointment of Provisional Liquidators Winding Up of Unregistered Companies Just and Equitable Winding Up +1 more

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Parties

ARM Asset Backed Securities S.A.

Applicant

Procedural Posture

Application for Appointment of Provisional Liquidators (insolvency) / First Instance Judgment on Application for Provisional Liquidators

Legal Issues

  1. 1 Whether the English court has jurisdiction to appoint provisional liquidators over a Luxembourg-incorporated company under the EC Regulation on Insolvency Proceedings
  2. 2 Whether the company's centre of main interests (COMI) is in England or Luxembourg
  3. 3 Whether the company is insolvent for the purposes of the Regulation and the Insolvency Act 1986

Ratio Decidendi

The English court has jurisdiction to appoint provisional liquidators because the company's COMI is in England, the company is insolvent or likely to be insolvent, and it is just and equitable to wind up the company. The statutory and regulatory requirements for appointment of provisional liquidators are satisfied.

Court Disposition

Application granted

Orders

  • Appointment of provisional liquidators over ARM Asset Backed Securities S.A.