JOINT OFFICIAL LIQUIDATORS OF CENTAUR LITIGATION LTD (In Liquidation)

JOINT OFFICIAL LIQUIDATORS OF CENTAUR LITIGATION LTD (In Liquidation)

The court recognised the Cayman-appointed Joint Official Liquidators and granted the broad assistance sought, including a requirement that no proceedings in Hong Kong against the companies or their assets be commenced without the leave of the Hong Kong court, because such relief is consistent with Cap 32 s182, mirrors Cayman law, assists orderly cross-border liquidation and the risk of unfairness to creditors did not outweigh the need for the control.

Citation
JOINT OFFICIAL LIQUIDATORS OF CENTAUR LITIGATION LTD (In Liquidation)
Parties
Applicant: Centaur Litigation SPC (In Liquidation); Applicant: Centaur Litigation Unit Series 1 Limited (In Liquidation); Applicant: Centaur Litigation Limited (In Liquidation)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 March 2016
Case Number
HCMP3393/2015
Procedural Posture
Application for Recognition and Assistance of Foreign Liquidators (cayman) / Ex Parte Hearing and Decision (recognition and Ancillary Relief Granted)
Outcome
Application granted; recognition and assistance order made in the terms of the Appendix.
Legal Topics
Recognition of Foreign Liquidation, Cross Border Insolvency Assistance, Court Ordered Stay/leave to Commence Proceedings, Ancillary Relief (freezing, Search, Disclosure)
Source Language
EN
Company Law Insolvency Private International Law Civil Procedure Recognition of Foreign Liquidation Cross Border Insolvency Assistance Court Ordered Stay/leave to Commence Proceedings Ancillary Relief (freezing, Search, Disclosure)

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Parties

Centaur Litigation SPC (In Liquidation)

Applicant

Centaur Litigation Unit Series 1 Limited (In Liquidation)

Applicant

Centaur Litigation Limited (In Liquidation)

Applicant

Procedural Posture

Application for Recognition and Assistance of Foreign Liquidators (cayman) / Ex Parte Hearing and Decision (recognition and Ancillary Relief Granted)

Legal Issues

  1. 1 Whether the Hong Kong court should recognise and assist Cayman Islands joint official liquidators
  2. 2 Whether the court should impose a requirement that leave be obtained before commencing proceedings in Hong Kong against the companies
  3. 3 Whether imposing a leave requirement would be consistent with Hong Kong law and fair to creditors

Ratio Decidendi

The court recognised the Cayman-appointed Joint Official Liquidators and granted the broad assistance sought, including a requirement that no proceedings in Hong Kong against the companies or their assets be commenced without the leave of the Hong Kong court, because such relief is consistent with Cap 32 s182, mirrors Cayman law, assists orderly cross-border liquidation and the risk of unfairness to creditors did not outweigh the need for the control.

Court Disposition

Application granted; recognition and assistance order made in the terms of the Appendix.

Orders

  • The appointment of Hugh Dickson, Said Jahani and David Bennett as Joint Official Liquidators of Centaur Litigation SPC (In Liquidation) is recognised by this Court.
  • The Liquidators may exercise the powers available to them under Cayman law and those that would be available under Hong Kong law as if appointed here, including locating, protecting and taking into possession assets and records within the jurisdiction, and continuing investigations.