In re Royco Inv. Co. Ltd. v [1994] JLR 236 (27 June 1994)

The Viscount may transfer the assets of the Jersey company en desastre to the English liquidator for application in the approved compromise, as the company is inextricably linked with the English companies and it is uneconomic to continue tracing the remaining assets; the interests of creditors are paramount and it is desirable to conclude the desastre swiftly.

Citation: [1994] JLR 236
Parties: Company in Desastre: Royco Investment Company Limited; Officer in Charge of Distribution: Viscount; Liquidator of Associated English Companies: English liquidator
Jurisdiction: Jersey
Judgment Date: 27 June 1994
Procedural Posture: Bankruptcy/desastre Proceedings / Distribution of Assets
Outcome: Application granted
Legal Topics: Desastre, Cross Border Insolvency, Asset Distribution

Insolvency Bankruptcy Desastre Cross Border Insolvency Asset Distribution

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Parties

Royco Investment Company Limited

Company in Desastre

Viscount

Officer in Charge of Distribution

English liquidator

Liquidator of Associated English Companies

Procedural Posture

Bankruptcy/desastre Proceedings / Distribution of Assets

Legal Issues

1 Whether the Viscount may transfer assets of a Jersey company en desastre to an English liquidator for application in an approved compromise
2 Whether such transfer is justified when the Jersey company is inextricably linked with English companies and further tracing of assets is uneconomic

Ratio Decidendi

Court Disposition

Application granted

Orders

Viscount authorized to transfer assets of Jersey company en desastre to English liquidator for application in approved compromise