Representation of Franco [2012] JRC 238 (21 December 2012)

Representation of Franco [2012] JRC 238 (21 December 2012)

The Court found that there would be a clear and significant equity on the sale of the property, which would be lost to unsecured creditors and potentially the representor if dégrèvement continued. The surplus would not be exhausted for approximately 13 months, and the representor had not acted in bad faith. Therefore, the Remise de Biens was granted.

Citation
[2012] JRC 238
Parties
Applicant: Representor (unnamed individual); Secured Creditor: Jersey Home Loans Limited; Secured Creditor: Alfredo Sanchez and Margaret Charlotte Sanchez; Unsecured Creditor: Eduardo Germiniano Franco; Unsecured Creditor: Visa card; Unsecured Creditor: Landlord (unnamed); Company Guaranteed by Representor: Primal Properties Limited (Hampton House Estates)
Jurisdiction
Jersey
Judgment Date
21 December 2012
Procedural Posture
Remise De Biens Application / Judgment on Application for Remise De Biens
Outcome
Remise de Biens granted
Legal Topics
Remise De Biens, Dégrèvement, Secured Creditors, Unsecured Creditors, Judicial Hypothec, Equity in Property
Insolvency Property Law Remise De Biens Dégrèvement Secured Creditors Unsecured Creditors Judicial Hypothec Equity in Property

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 2 Party arguments 2 Amounts and remedies 14
Sign in to unlock

Parties

Representor (unnamed individual)

Applicant

Jersey Home Loans Limited

Secured Creditor

Alfredo Sanchez and Margaret Charlotte Sanchez

Secured Creditor

Eduardo Germiniano Franco

Unsecured Creditor

Visa card

Unsecured Creditor

Landlord (unnamed)

Unsecured Creditor

Primal Properties Limited (Hampton House Estates)

Company Guaranteed by Representor

Procedural Posture

Remise De Biens Application / Judgment on Application for Remise De Biens

Legal Issues

  1. 1 Whether a Remise de Biens should be granted given the value of the property and the outstanding liabilities
  2. 2 Whether there is a reasonable expectation of a surplus for ordinary creditors
  3. 3 Whether the representor acted in bad faith

Ratio Decidendi

The Court found that there would be a clear and significant equity on the sale of the property, which would be lost to unsecured creditors and potentially the representor if dégrèvement continued. The surplus would not be exhausted for approximately 13 months, and the representor had not acted in bad faith. Therefore, the Remise de Biens was granted.

Court Disposition

Remise de Biens granted

Orders

  • Remise de Biens granted to the representor pursuant to Article 2 of the Loi (1839) sur les Remises de Biens