Representation of Toynton and Roberts re Horizon group of companies [2021] JRC 212 (16 August 2021)

Representation of Toynton and Roberts re Horizon group of companies [2021] JRC 212 (16 August 2021)

Given the insolvency of the company and the T Trust, the lack of assets, and the absence of creditor willingness to fund litigation, the Court directed the Joint Liquidators to settle outstanding claims on the best terms possible, wind up the trust and subsidiaries, and approved the final report, releasing and discharging the Joint Liquidators.

Citation
[2021] JRC 212
Parties
Company in Liquidation: Horizon Trustees (Jersey) Limited; Subsidiary in Liquidation: Horizon Nominees Limited; Subsidiary in Liquidation: Horizon Corporate Directors Limited; Applicant: Joint Liquidators; Creditors: Creditors of Horizon Trustees (Jersey) Limited and T Trust
Jurisdiction
Jersey
Judgment Date
16 August 2021
Procedural Posture
Winding Up / Liquidation / Final Report Approval and Discharge of Liquidators
Outcome
Final report of the Joint Liquidators approved; Joint Liquidators released and discharged upon dissolution of the company and subsidiaries.
Legal Topics
Liquidation of Insolvent Companies, Trustee Appointment and Discharge, Distribution of Trust Assets, Professional Indemnity Insurance Refund, Release of Liquidators
Insolvency Trusts and Estates Company Law Liquidation of Insolvent Companies Trustee Appointment and Discharge Distribution of Trust Assets Professional Indemnity Insurance Refund Release of Liquidators

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Parties

Horizon Trustees (Jersey) Limited

Company in Liquidation

Horizon Nominees Limited

Subsidiary in Liquidation

Horizon Corporate Directors Limited

Subsidiary in Liquidation

Joint Liquidators

Applicant

Creditors of Horizon Trustees (Jersey) Limited and T Trust

Creditors

Procedural Posture

Winding Up / Liquidation / Final Report Approval and Discharge of Liquidators

Legal Issues

  1. 1 How to conclude the liquidation of Horizon Trustees (Jersey) Limited and its subsidiaries given insufficient assets to pay creditors or costs
  2. 2 How to deal with the insolvent T Trust and its disputed assets
  3. 3 How to dispose of shares in Geosentric OYJ with no value

Ratio Decidendi

Given the insolvency of the company and the T Trust, the lack of assets, and the absence of creditor willingness to fund litigation, the Court directed the Joint Liquidators to settle outstanding claims on the best terms possible, wind up the trust and subsidiaries, and approved the final report, releasing and discharging the Joint Liquidators.

Court Disposition

Final report of the Joint Liquidators approved; Joint Liquidators released and discharged upon dissolution of the company and subsidiaries.

Orders

  • Joint Liquidators to settle claims against A on best achievable terms after notice to creditors and opportunity for creditor-funded litigation.
  • Joint Liquidators to have preference over any sums recovered for payment of their costs, charges, and expenses.