In the matter of Siena Properties (Jersey) Limited and Ors (Royal Court : Hearing (Civil)) [2025] JRC 067 (10 March 2025)

In the matter of Siena Properties (Jersey) Limited and Ors (Royal Court : Hearing (Civil)) [2025] JRC 067 (10 March 2025)

Given the serious unresolved allegations requiring investigation, the lack of realistic refinancing prospects, and the potential prejudice to unsecured creditors if not investigated, a just and equitable winding up of the Siena Group is ordered as the most appropriate remedy.

Citation
[2025] JRC 067
Parties
Representors / Applicant: Siena Properties (Jersey) Limited; Siena Properties (Bardeaux) Limited; Siena Properties (OSJ) Limited; Les Bardeaux Developments Limited; Cedar Construction Limited; Nouvelle Development Limited; Respondent / Applicant (counter Application): Hawk Lending Limited; Creditor / Intervener: Mr Marcus Stone; Creditor / Intervener: Mr McPherson and another; Court Officer / Observer: The Viscount
Jurisdiction
Jersey
Judgment Date
10 March 2025
Procedural Posture
Winding Up Applications (corporate Insolvency) / First Instance Judgment on Competing Winding Up Applications
Outcome
Application for just and equitable winding up of the Siena Group granted; application for creditors' winding up of Bardeaux refused.
Legal Topics
Just and Equitable Winding Up, Creditors' Winding Up, Investigation of Company Affairs, Preference Payments, Shadow Directorship, Interest Rate Review
Insolvency Company Law Just and Equitable Winding Up Creditors' Winding Up Investigation of Company Affairs Preference Payments Shadow Directorship Interest Rate Review

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Parties

Siena Properties (Jersey) Limited; Siena Properties (Bardeaux) Limited; Siena Properties (OSJ) Limited; Les Bardeaux Developments Limited; Cedar Construction Limited; Nouvelle Development Limited

Representors / Applicant

Hawk Lending Limited

Respondent / Applicant (counter Application)

Mr Marcus Stone

Creditor / Intervener

Mr McPherson and another

Creditor / Intervener

The Viscount

Court Officer / Observer

Procedural Posture

Winding Up Applications (corporate Insolvency) / First Instance Judgment on Competing Winding Up Applications

Legal Issues

  1. 1 Whether a just and equitable winding up of the Siena Group should be ordered instead of a creditors' winding up of Bardeaux alone
  2. 2 Whether there are sufficient grounds to depart from the presumption in favour of a creditors' winding up for insolvent companies
  3. 3 Whether allegations of preference payments, shadow directorship, and excessive interest rates warrant investigation via a just and equitable winding up

Ratio Decidendi

Given the serious unresolved allegations requiring investigation, the lack of realistic refinancing prospects, and the potential prejudice to unsecured creditors if not investigated, a just and equitable winding up of the Siena Group is ordered as the most appropriate remedy.

Court Disposition

Application for just and equitable winding up of the Siena Group granted; application for creditors' winding up of Bardeaux refused.

Orders

  • Just and equitable winding up of the Siena Group ordered.
  • Liquidators proposed by the Representors approved.