Representation of Horizon Investments (Jersey) Limited [2012] JRC 039 (22 February 2012)

Representation of Horizon Investments (Jersey) Limited [2012] JRC 039 (22 February 2012)

Given the insolvency of the Representor, the regulated nature of its business, the need for flexibility in winding down client relationships, and the support of the regulator, it is just and equitable to order a winding up under Article 155 of the Companies (Jersey) Law 1991 with the appointment of court-supervised liquidators.

Citation
[2012] JRC 039
Parties
Representor: Horizon Investments (Jersey) Limited; Regulator: Jersey Financial Services Commission
Jurisdiction
Jersey
Judgment Date
22 February 2012
Procedural Posture
Winding Up Petition Under Article 155 of the Companies (jersey) Law 1991 / Judgment on Application for Just and Equitable Winding Up
Outcome
Application granted. Order for just and equitable winding up under Article 155 of the Companies (Jersey) Law 1991.
Legal Topics
Just and Equitable Winding Up, Regulated Investment Business, Creditors' Interests, Court Appointed Liquidator
Insolvency Company Law Financial Regulation Just and Equitable Winding Up Regulated Investment Business Creditors' Interests Court Appointed Liquidator

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Parties

Horizon Investments (Jersey) Limited

Representor

Jersey Financial Services Commission

Regulator

Procedural Posture

Winding Up Petition Under Article 155 of the Companies (jersey) Law 1991 / Judgment on Application for Just and Equitable Winding Up

Legal Issues

  1. 1 Whether it is just and equitable to wind up Horizon Investments (Jersey) Limited under Article 155 of the Companies (Jersey) Law 1991
  2. 2 Whether a court-appointed liquidator is preferable to a creditors' winding up or désastre in the circumstances of a regulated investment business

Ratio Decidendi

Given the insolvency of the Representor, the regulated nature of its business, the need for flexibility in winding down client relationships, and the support of the regulator, it is just and equitable to order a winding up under Article 155 of the Companies (Jersey) Law 1991 with the appointment of court-supervised liquidators.

Court Disposition

Application granted. Order for just and equitable winding up under Article 155 of the Companies (Jersey) Law 1991.

Orders

  • Horizon Investments (Jersey) Limited is to be wound up pursuant to Article 155 of the Companies (Jersey) Law 1991.
  • Joint liquidators to be appointed as proposed.