Representation of Anthony Investments (Esplanade) Ltd [2014] JRC 240B (03 December 2014)

Representation of Anthony Investments (Esplanade) Ltd [2014] JRC 240B (03 December 2014)

Liquidators have power to sell the Property under Companies (Jersey) Law 1991 and the October 2013 order; sale to SLI for £27,000,000 is the best available deal after full and professional marketing; no creditor objects; Court approves sale and grants declarations sought.

Citation
[2014] JRC 240B
Parties
Applicant / Joint Liquidator: Mr Adrian Rabet; Applicant / Joint Liquidator: Mr Philip Sykes; Subject Company: Anthony Investments (Esplanade) Limited; Subject Company: Evreux Holdings Limited; Subject Company: JCN Investments (Jersey) Limited; Trustee / Potential Creditor / Observer: Hawksford Trustees Jersey Limited; Intervenors / Beneficiaries: Simon Neal and Aida Neal; Property Asset: Ogier House, 44 Esplanade, St Helier, Jersey, JE4 9WG; Preferred Buyer: Standard Life Investments; Secured Creditor: HSBC; Creditor: BBA; Representors' Advocate: Bois Bois; Trustee's Advocate: Appleby; Liquidators' Advocate: Bedell Cristin Jersey Partnership; Intervenors' Advocate: Hanson Renouf; Property Agent: Buckley & Co.; Property Agent: Cushman & Wakefield LLP
Jurisdiction
Jersey
Judgment Date
03 December 2014
Procedural Posture
Representation (liquidation/winding Up) / Post Liquidation Application for Sale Approval
Outcome
Declarations granted; sale approved; costs order made.
Legal Topics
Liquidator Powers, Asset Sale Approval, Creditor Notification, Court Jurisdiction in Liquidation, Trustee Rights
Insolvency Company Law Trusts Liquidator Powers Asset Sale Approval Creditor Notification Court Jurisdiction in Liquidation Trustee Rights

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Parties

Mr Adrian Rabet

Applicant / Joint Liquidator

Mr Philip Sykes

Applicant / Joint Liquidator

Anthony Investments (Esplanade) Limited

Subject Company

Evreux Holdings Limited

Subject Company

JCN Investments (Jersey) Limited

Subject Company

Hawksford Trustees Jersey Limited

Trustee / Potential Creditor / Observer

Simon Neal and Aida Neal

Intervenors / Beneficiaries

Ogier House, 44 Esplanade, St Helier, Jersey, JE4 9WG

Property Asset

Standard Life Investments

Preferred Buyer

HSBC

Secured Creditor

BBA

Creditor

Bois Bois

Representors' Advocate

Appleby

Trustee's Advocate

Bedell Cristin Jersey Partnership

Liquidators' Advocate

Hanson Renouf

Intervenors' Advocate

Buckley & Co.

Property Agent

Cushman & Wakefield LLP

Property Agent

Procedural Posture

Representation (liquidation/winding Up) / Post Liquidation Application for Sale Approval

Legal Issues

  1. 1 Do the Liquidators have power to sell the Property?
  2. 2 Should the Court approve the sale to SLI or its subsidiary for £27,000,000?
  3. 3 What is the nature of the Court's jurisdiction in voluntary applications for approval by liquidators?

Ratio Decidendi

Liquidators have power to sell the Property under Companies (Jersey) Law 1991 and the October 2013 order; sale to SLI for £27,000,000 is the best available deal after full and professional marketing; no creditor objects; Court approves sale and grants declarations sought.

Court Disposition

Declarations granted; sale approved; costs order made.

Orders

  • Declaration that Liquidators have power to sell and convey the freehold interest in the Property.
  • Approval of transfer of the freehold interest in the Property by the Liquidators to SLI or its designated subsidiary for £27,000,000.