Representation of Julian Charles Tyacke [2018] JRC 237 (20 December 2018)

Representation of Julian Charles Tyacke [2018] JRC 237 (20 December 2018)

The Jersey Companies are insolvent, part of complex multinational groups with assets in high-risk jurisdictions, and a just and equitable winding up is necessary to ensure coordinated asset protection and creditor interests. Désastre and creditors' winding up are not appropriate due to risks of asset dissipation and need for cross-jurisdictional coordination.

Citation
[2018] JRC 237
Parties
Representor: Julian Charles Tyacke; Creditor: Longulf Trading (UK) Limited; Creditor: Salzgitter Mannesmann International GmbH; Creditor: Salzgitter Mannesmann International (USA) Inc
Jurisdiction
Jersey
Judgment Date
20 December 2018
Procedural Posture
Companies Winding Up Application / Final Order
Outcome
Order for just and equitable winding up of the Jersey Companies granted.
Legal Topics
Just and Equitable Winding Up, Cross Border Insolvency, Creditor Protection
Company Law Insolvency Just and Equitable Winding Up Cross Border Insolvency Creditor Protection

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 3 Party arguments 2
Sign in to unlock

Parties

Julian Charles Tyacke

Representor

Longulf Trading (UK) Limited

Creditor

Salzgitter Mannesmann International GmbH

Creditor

Salzgitter Mannesmann International (USA) Inc

Creditor

Procedural Posture

Companies Winding Up Application / Final Order

Legal Issues

  1. 1 Whether the Jersey Companies should be wound up on a just and equitable basis under Article 155 of the Companies (Jersey) Law 1991
  2. 2 Whether désastre or creditors' winding up is appropriate given the complex group structure and asset locations

Ratio Decidendi

The Jersey Companies are insolvent, part of complex multinational groups with assets in high-risk jurisdictions, and a just and equitable winding up is necessary to ensure coordinated asset protection and creditor interests. Désastre and creditors' winding up are not appropriate due to risks of asset dissipation and need for cross-jurisdictional coordination.

Court Disposition

Order for just and equitable winding up of the Jersey Companies granted.

Orders

  • Jersey Companies to be wound up on a just and equitable basis under Article 155 of the Companies (Jersey) Law 1991.
  • Joint liquidators to be appointed as per the terms of the Court order.