In the matter of Betindex Limited [2021] JRC 309 (09 December 2021)

In the matter of Betindex Limited [2021] JRC 309 (09 December 2021)

The Court ordered the winding up of Betindex Limited on just and equitable grounds due to the high-profile collapse, complexity of creditor claims, public interest, and failed administration, and appointed Mr Rabet and Mr Toone of Begbies Traynor as joint liquidators for continuity and expertise.

Citation
[2021] JRC 309
Parties
Company: Betindex Limited; Joint Liquidator: Mr Adrian Rabet; Joint Liquidator: Mr Richard Toone; Parent Company/shareholder: Index Labs Limited; Creditors' Advocate: Leigh Day; Former Director: Mr Neil Kelly; Viscount's Department: Mrs Lynda Allo; Creditors' Committee Member: Mr David Hamel
Jurisdiction
Jersey
Judgment Date
09 December 2021
Procedural Posture
Winding Up Application / Final Judgment
Outcome
Betindex Limited ordered to be wound up on just and equitable grounds; Mr Rabet and Mr Toone appointed as joint liquidators.
Legal Topics
Just and Equitable Winding Up, Appointment of Liquidators, Administration Failure, Creditors' Claims, Conflict of Interest
Insolvency Company Law Just and Equitable Winding Up Appointment of Liquidators Administration Failure Creditors' Claims Conflict of Interest

Case Brief

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Parties

Betindex Limited

Company

Mr Adrian Rabet

Joint Liquidator

Mr Richard Toone

Joint Liquidator

Index Labs Limited

Parent Company/shareholder

Leigh Day

Creditors' Advocate

Mr Neil Kelly

Former Director

Mrs Lynda Allo

Viscount's Department

Mr David Hamel

Creditors' Committee Member

Procedural Posture

Winding Up Application / Final Judgment

Legal Issues

  1. 1 Whether Betindex Limited should be wound up on just and equitable grounds
  2. 2 Who should be appointed as liquidators
  3. 3 Appropriateness of court-supervised winding up versus creditors' voluntary liquidation

Ratio Decidendi

The Court ordered the winding up of Betindex Limited on just and equitable grounds due to the high-profile collapse, complexity of creditor claims, public interest, and failed administration, and appointed Mr Rabet and Mr Toone of Begbies Traynor as joint liquidators for continuity and expertise.

Court Disposition

Betindex Limited ordered to be wound up on just and equitable grounds; Mr Rabet and Mr Toone appointed as joint liquidators.

Orders

  • Betindex Limited to be wound up under Article 155 of Companies (Jersey) Law 1991.
  • Mr Adrian Rabet and Mr Richard Toone of Begbies Traynor appointed as joint liquidators.