In the matter of The Probank Entities [2020] JRC 105 (04 June 2020)

In the matter of The Probank Entities [2020] JRC 105 (04 June 2020)

The Jersey Court exercised its discretion to recognise the Brazilian insolvency proceedings and the appointment of Mr Lima as Judicial Administrator, granting him powers to identify, control, and recover assets held by Paulo and Peônia at HSBC Jersey, on grounds of comity, consistency with Jersey law, and absence of public policy objections.

Citation
[2020] JRC 105
Parties
Applicant/judicial Administrator: Sergio Lima; Respondents: Probank Entities; Related Person/respondent: Peônia Guimarães Machado; Related Person/respondent: Estate of Paulo Cezar Martins; Interested Party: HSBC Jersey
Jurisdiction
Jersey
Judgment Date
04 June 2020
Procedural Posture
Representation (foreign Insolvency Assistance) / Final Order With Reasons
Outcome
Application granted; relief sought in Representation granted.
Legal Topics
Recognition of Foreign Insolvency Orders, Judicial Assistance, Asset Tracing, Comity, Extension of Bankruptcy to Related Parties
Insolvency Cross Border Insolvency Banking Law Recognition of Foreign Insolvency Orders Judicial Assistance Asset Tracing Comity Extension of Bankruptcy to Related Parties

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Parties

Sergio Lima

Applicant/judicial Administrator

Probank Entities

Respondents

Peônia Guimarães Machado

Related Person/respondent

Estate of Paulo Cezar Martins

Related Person/respondent

HSBC Jersey

Interested Party

Procedural Posture

Representation (foreign Insolvency Assistance) / Final Order With Reasons

Legal Issues

  1. 1 Whether the Jersey Court should recognise and assist the Brazilian insolvency proceedings by granting relief to the Judicial Administrator
  2. 2 Whether the powers sought are consistent with Jersey law and public policy
  3. 3 Whether comity and reciprocity justify granting the relief

Ratio Decidendi

The Jersey Court exercised its discretion to recognise the Brazilian insolvency proceedings and the appointment of Mr Lima as Judicial Administrator, granting him powers to identify, control, and recover assets held by Paulo and Peônia at HSBC Jersey, on grounds of comity, consistency with Jersey law, and absence of public policy objections.

Court Disposition

Application granted; relief sought in Representation granted.

Orders

  • Recognition of Brazilian Court's appointment of Mr Lima as Judicial Administrator of Probank Entities.
  • Recognition of Mr Lima's status and powers in Jersey, consistent with Jersey law.