EVIC v Greater Europe [2013] 1 JLR 70 (08 January 2013)

EVIC v Greater Europe [2013] 1 JLR 70 (08 January 2013)

Where a fixed-term investment fund's substratum is lost after expiry of its term and there is insufficient shareholder support for summary winding up, the court may order winding up on the 'just and equitable' ground under art. 155(1) of the Companies (Jersey) Law 1991.

Citation
[2013] 1 JLR 70
Parties
Applicant: EVIC; Respondent: Greater Europe
Jurisdiction
Jersey
Judgment Date
08 January 2013
Procedural Posture
Company Winding Up / Judgment
Outcome
just and equitable winding up ordered
Legal Topics
Winding Up, Just and Equitable, Fixed Term Investment Fund, Loss of Substratum
Company Law Winding Up Just and Equitable Fixed Term Investment Fund Loss of Substratum

Case Brief

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Parties

EVIC

Applicant

Greater Europe

Respondent

Procedural Posture

Company Winding Up / Judgment

Legal Issues

  1. 1 Whether a fixed-term investment fund should be wound up under the Companies (Jersey) Law 1991 after expiry of its term
  2. 2 Whether insufficient shareholder support for summary winding up justifies a 'just and equitable' winding up under art. 155(1)

Ratio Decidendi

Where a fixed-term investment fund's substratum is lost after expiry of its term and there is insufficient shareholder support for summary winding up, the court may order winding up on the 'just and equitable' ground under art. 155(1) of the Companies (Jersey) Law 1991.

Court Disposition

just and equitable winding up ordered

Orders

  • The company is to be wound up under art. 155(1) of the Companies (Jersey) Law 1991.