SO Finance AG v CDS3 Limited [2011] JRC 239 (22 December 2011)

SO Finance AG v CDS3 Limited [2011] JRC 239 (22 December 2011)

The Court exercised its discretion to refuse the declaration of désastre because there was only one creditor, no compelling reason was established for the declaration, and the administrative burden and public resource expenditure were unjustified in the circumstances.

Citation
[2011] JRC 239
Parties
Respondent: CDS3 Limited; Applicant: Capital Dynamics AG
Jurisdiction
Jersey
Judgment Date
22 December 2011
Procedural Posture
Bankruptcy Application (désastre) / Judgment on Application for Declaration
Outcome
application refused
Legal Topics
Désastre Procedure, Sole Creditor Applications, Court Discretion, Forum Selection Clauses
Insolvency Bankruptcy Company Law Désastre Procedure Sole Creditor Applications Court Discretion Forum Selection Clauses

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Parties

CDS3 Limited

Respondent

Capital Dynamics AG

Applicant

Procedural Posture

Bankruptcy Application (désastre) / Judgment on Application for Declaration

Legal Issues

  1. 1 Whether a declaration of désastre should be granted where there is only one creditor
  2. 2 Whether the court has discretion to refuse a declaration of désastre
  3. 3 Effect of exclusive forum clauses on Jersey bankruptcy proceedings

Ratio Decidendi

The Court exercised its discretion to refuse the declaration of désastre because there was only one creditor, no compelling reason was established for the declaration, and the administrative burden and public resource expenditure were unjustified in the circumstances.

Court Disposition

application refused

Orders

  • Declaration of désastre not granted.