In the matter of the E Trust [2017] JRC 060 (07 April 2017)

In the matter of the E Trust [2017] JRC 060 (07 April 2017)

The Company is hopelessly insolvent, its substratum has gone, and as a Jersey company administering a Jersey trust, the winding up should be conducted within Jersey jurisdiction. Recognition of the foreign liquidators is granted solely for the purpose of seeking a just and equitable winding up.

Source-derived case information.

Citation
[2017] JRC 060
Parties
Representor: Michael Magnay; Representor: Philip Stephen Bowers; Respondent: E Trustee Company Limited; Interested Party: A Limited; Interested Party: B Limited; Interested Party: C Limited; Interested Party: D Limited; Creditor: Norwich Union Finance Mortgage Limited; Creditor: F Company
Jurisdiction
Jersey
Judgment Date
07 April 2017
Procedural Posture
Insolvency/winding Up / Final Judgment
Outcome
application granted
Legal Topics
Just and Equitable Winding Up, Recognition of Foreign Liquidators, Jurisdiction, Insolvency Process
Insolvency Company Law Trusts Just and Equitable Winding Up Recognition of Foreign Liquidators Jurisdiction Insolvency Process

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Parties

Michael Magnay

Representor

Philip Stephen Bowers

Representor

E Trustee Company Limited

Respondent

A Limited

Interested Party

B Limited

Interested Party

C Limited

Interested Party

D Limited

Interested Party

Norwich Union Finance Mortgage Limited

Creditor

F Company

Creditor

Procedural Posture

Insolvency/winding Up / Final Judgment

Legal Issues

  1. 1 Whether the Royal Court of Jersey should recognise foreign liquidators and grant a just and equitable winding up of a Jersey company
  2. 2 Whether the insolvency process should be conducted within Jersey jurisdiction

Ratio Decidendi

The Company is hopelessly insolvent, its substratum has gone, and as a Jersey company administering a Jersey trust, the winding up should be conducted within Jersey jurisdiction. Recognition of the foreign liquidators is granted solely for the purpose of seeking a just and equitable winding up.

Court Disposition

application granted

Orders

  • Recognition of Michael Magnay and Philip Stephen Bowers as joint liquidators of E Trustee Company Limited for the sole purpose of seeking a just and equitable winding up.
  • Order for just and equitable winding up of E Trustee Company Limited pursuant to Article 155 of the Companies (Jersey) Law 1991.