Betindex Limited 18-Mar-2021 [2021] JRC 077 (18 March 2021)

Betindex Limited 18-Mar-2021 [2021] JRC 077 (18 March 2021)

The Royal Court is satisfied that administration in England is reasonably likely to achieve the rescue of BetIndex Limited as a going concern, and that the English High Court has jurisdiction to assist under Section 426 of the Insolvency Act 1986. The Court approves the issuance of a Letter of Request and directs the payment of customer funds held in trust into Court pending further determination.

Citation
[2021] JRC 077
Parties
Representor: BetIndex Limited; Interested Party: Nedbank, Isle of Man
Jurisdiction
Jersey
Judgment Date
18 March 2021
Procedural Posture
Application Under the Court's Inherent Jurisdiction / Ex Tempore Judgment on Request for Letter of Request and Directions Regarding Funds
Outcome
Letter of Request issued to English High Court for administration order; directions given regarding customer funds.
Legal Topics
Administration Order, Letter of Request, Customer Funds Protection, Jurisdictional Assistance, Trust Interpretation
Insolvency Trusts Gambling Regulation Administration Order Letter of Request Customer Funds Protection Jurisdictional Assistance Trust Interpretation

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Parties

BetIndex Limited

Representor

Nedbank, Isle of Man

Interested Party

Procedural Posture

Application Under the Court's Inherent Jurisdiction / Ex Tempore Judgment on Request for Letter of Request and Directions Regarding Funds

Legal Issues

  1. 1 Whether the Royal Court should issue a Letter of Request to the English High Court for an administration order under the Insolvency Act 1986
  2. 2 Whether customer funds held in trust should be paid into Court pending determination
  3. 3 Jurisdictional basis for English Court assistance under Section 426 of the Insolvency Act 1986

Ratio Decidendi

The Royal Court is satisfied that administration in England is reasonably likely to achieve the rescue of BetIndex Limited as a going concern, and that the English High Court has jurisdiction to assist under Section 426 of the Insolvency Act 1986. The Court approves the issuance of a Letter of Request and directs the payment of customer funds held in trust into Court pending further determination.

Court Disposition

Letter of Request issued to English High Court for administration order; directions given regarding customer funds.

Orders

  • Letter of Request to the High Court of England and Wales approved and issued for administration of BetIndex Limited under Insolvency Act 1986.
  • Representor directed to pay £4,504,357.18 from Nedbank account to an account identified by the Viscount, to be held pending further order.