In the matter of the Q Settlement [2019] JRC 086 (13 May 2019)

In the matter of the Q Settlement [2019] JRC 086 (13 May 2019)

The debt owed by the L to Herald Trustees Limited was established by prior judgment, remains unpaid, and is secured under the Security Agreement. CRYS Finance SA is bound by the jurisdiction of the Jersey courts and failed to appear or provide a valid defense. The Court is empowered under Article 52 of the Security Interests (Jersey) Law 2012 to order transfer of the shares in R to Herald Trustees Limited and to award costs.

Citation
[2019] JRC 086
Parties
Representor: Herald Trustees Limited; Respondent: CRYS Finance SA
Jurisdiction
Jersey
Judgment Date
13 May 2019
Procedural Posture
Security Enforcement / Post Judgment Enforcement Application
Outcome
Application granted
Legal Topics
Security Interests, Enforcement of Security, Jurisdiction, Service of Process, Costs
Commercial Law Banking and Finance Insolvency Security Interests Enforcement of Security Jurisdiction Service of Process Costs

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Parties

Herald Trustees Limited

Representor

CRYS Finance SA

Respondent

Procedural Posture

Security Enforcement / Post Judgment Enforcement Application

Legal Issues

  1. 1 Whether Herald Trustees Limited is entitled to enforce its security over shares in R under the Security Agreement
  2. 2 Whether CRYS Finance SA is bound by the jurisdiction of the Jersey courts and the Security Agreement
  3. 3 Whether the debt owed by the L has been established and remains unpaid

Ratio Decidendi

The debt owed by the L to Herald Trustees Limited was established by prior judgment, remains unpaid, and is secured under the Security Agreement. CRYS Finance SA is bound by the jurisdiction of the Jersey courts and failed to appear or provide a valid defense. The Court is empowered under Article 52 of the Security Interests (Jersey) Law 2012 to order transfer of the shares in R to Herald Trustees Limited and to award costs.

Court Disposition

Application granted

Orders

  • CRYS Finance SA to transfer title to the shares in R to Herald Trustees Limited forthwith.
  • If CRYS does not comply within five days of notification, the Viscount is authorised to execute the share transfer form to transfer the shares from CRYS to Herald Trustees Limited.