Centurion Management Services [2009] JRC 227 (01 December 2009)

Centurion Management Services [2009] JRC 227 (01 December 2009)

Given Centurion's insolvency, regulatory failures, the need to protect client interests during the wind-down, and the support of all relevant stakeholders, it is just and equitable to wind up Centurion and appoint Mr Shorrock as liquidator with the necessary powers.

Citation
[2009] JRC 227
Parties
Company Subject to Winding Up: Centurion Management Services Limited; Regulator: Jersey Financial Services Commission; Applicants: Representors; Counterparty to Sale Agreement: Trustcorp Services Limited; Proposed Liquidator: Mr Edward Daniel Shorrock; Respondents: Shareholders (second respondents); Major Creditor: Mr Schenk
Jurisdiction
Jersey
Judgment Date
01 December 2009
Procedural Posture
Winding Up Petition / Final Order
Outcome
Centurion ordered to be wound up on just and equitable grounds; Mr Shorrock appointed as liquidator.
Legal Topics
Just and Equitable Winding Up, Appointment of Liquidator, Trust Company Business, Client Asset Protection
Company Law Insolvency Law Financial Regulation Just and Equitable Winding Up Appointment of Liquidator Trust Company Business Client Asset Protection

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Parties

Centurion Management Services Limited

Company Subject to Winding Up

Jersey Financial Services Commission

Regulator

Representors

Applicants

Trustcorp Services Limited

Counterparty to Sale Agreement

Mr Edward Daniel Shorrock

Proposed Liquidator

Shareholders (second respondents)

Respondents

Mr Schenk

Major Creditor

Procedural Posture

Winding Up Petition / Final Order

Legal Issues

  1. 1 Whether Centurion should be wound up on just and equitable grounds under Article 155 of the Companies (Jersey) Law 1991
  2. 2 Whether Mr Shorrock should be appointed as liquidator
  3. 3 Whether a just and equitable winding up is preferable to a creditors' winding up or désastre

Ratio Decidendi

Given Centurion's insolvency, regulatory failures, the need to protect client interests during the wind-down, and the support of all relevant stakeholders, it is just and equitable to wind up Centurion and appoint Mr Shorrock as liquidator with the necessary powers.

Court Disposition

Centurion ordered to be wound up on just and equitable grounds; Mr Shorrock appointed as liquidator.

Orders

  • Centurion Management Services Limited is wound up pursuant to Article 155 of the Companies (Jersey) Law 1991.
  • Mr Edward Daniel Shorrock is appointed as liquidator.