Representation of Hamburg Commercial Bank AG and Ors re HCOB Structured Situations Limited [2023] JRC 103 (22 June 2023)

Representation of Hamburg Commercial Bank AG and Ors re HCOB Structured Situations Limited [2023] JRC 103 (22 June 2023)

Given the improper incorporation, questionable payments, lack of legitimate business purpose, and the need for investigation, it is just and equitable to wind up the Company and appoint joint liquidators with directions regarding the distribution of remaining assets.

Citation
[2023] JRC 103
Parties
Company: HCOB Structured Situations Limited; Beneficial Owner/applicant: Hamburg Commercial Bank AG; Affiant/bank Officer: Mr Carsten Schrader; Director/former Bank Officer: Mr Luis Marti-Sanchez; Director/former Bank Officer: Mr Martin Halblaub; Former Director: Peter Gatehouse; Former Director: Christopher Byrne; Service Provider: Ogier SPV Services Limited; Nominee Shareholders: Second and Third Representors (Intertrust entities); Regulator: Jersey Financial Services Commission; Interested Party: Attorney General
Jurisdiction
Jersey
Judgment Date
22 June 2023
Procedural Posture
Winding Up Petition Under Companies (jersey) Law 1991 Article 155 / Judgment on Application for Winding Up on Just and Equitable Grounds
Outcome
Application granted. Company to be wound up on just and equitable basis.
Legal Topics
Winding Up on Just and Equitable Grounds, Corporate Governance, Improper Payments, Appointment of Liquidators
Company Law Insolvency Law Winding Up on Just and Equitable Grounds Corporate Governance Improper Payments Appointment of Liquidators

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Parties

HCOB Structured Situations Limited

Company

Hamburg Commercial Bank AG

Beneficial Owner/applicant

Mr Carsten Schrader

Affiant/bank Officer

Mr Luis Marti-Sanchez

Director/former Bank Officer

Mr Martin Halblaub

Director/former Bank Officer

Peter Gatehouse

Former Director

Christopher Byrne

Former Director

Ogier SPV Services Limited

Service Provider

Second and Third Representors (Intertrust entities)

Nominee Shareholders

Jersey Financial Services Commission

Regulator

Attorney General

Interested Party

Procedural Posture

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

Legal Issues

  1. 1 Whether it is just and equitable to wind up the Company under Article 155 of the Companies (Jersey) Law 1991
  2. 2 Whether the circumstances warrant an investigation into the affairs of the Company

Ratio Decidendi

Given the improper incorporation, questionable payments, lack of legitimate business purpose, and the need for investigation, it is just and equitable to wind up the Company and appoint joint liquidators with directions regarding the distribution of remaining assets.

Court Disposition

Application granted. Company to be wound up on just and equitable basis.

Orders

  • The Company is wound up on the just and equitable basis.
  • Alan Roberts and James Piri of Grant Thornton Limited are appointed as joint liquidators.