Representation of OWH SE i.L v RTI Limited (Royal Court : Hearing (Civil) : Thompson : Companies) [2025] JRC 204 (8 August 2025)

Representation of OWH SE i.L v RTI Limited (Royal Court : Hearing (Civil) : Thompson : Companies) [2025] JRC 204 (8 August 2025)

OWH established grounds for appointment of provisional liquidators due to unexplained asset dissipation, lack of detail in RTI's evidence, urgency to preserve assets, and risk that the asset trail would go cold pending appeals. The Court applied English principles, found significant justification, and granted the application with limitations on the provisional liquidators' powers.

Citation
[2025] JRC 204
Parties
Applicant: OWH SE i. L; Respondent: RTI Ltd
Jurisdiction
Jersey
Judgment Date
08 August 2025
Procedural Posture
Creditors' Winding Up and Appointment of Provisional Liquidator / Application for Provisional Liquidator and Adjournment of Winding Up Pending Appeals
Outcome
Application for appointment of provisional liquidator granted; determination of creditors' winding up adjourned pending appeals and challenges.
Legal Topics
Appointment of Provisional Liquidator, Creditors' Winding Up, Asset Preservation, Public Policy in Enforcement of Arbitral Awards, Sanctions Impact on Company Assets
Insolvency Company Law Arbitration Appointment of Provisional Liquidator Creditors' Winding Up Asset Preservation Public Policy in Enforcement of Arbitral Awards Sanctions Impact on Company Assets

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Parties

OWH SE i. L

Applicant

RTI Ltd

Respondent

Procedural Posture

Creditors' Winding Up and Appointment of Provisional Liquidator / Application for Provisional Liquidator and Adjournment of Winding Up Pending Appeals

Legal Issues

  1. 1 Whether OWH has standing to seek a creditors' winding up
  2. 2 Whether a provisional liquidator should be appointed under Article 157B of the Companies (Jersey) Law 1991
  3. 3 Whether asset dissipation or asset stripping has occurred

Ratio Decidendi

OWH established grounds for appointment of provisional liquidators due to unexplained asset dissipation, lack of detail in RTI's evidence, urgency to preserve assets, and risk that the asset trail would go cold pending appeals. The Court applied English principles, found significant justification, and granted the application with limitations on the provisional liquidators' powers.

Court Disposition

Application for appointment of provisional liquidator granted; determination of creditors' winding up adjourned pending appeals and challenges.

Orders

  • Provisional liquidators appointed with powers to preserve assets and investigate transactions.
  • Provisional liquidators to seek Court's blessing for substantive claims as necessary.