In the matter of Reva Holdings Ltd [2013] JRC 208 (25 October 2013)

In the matter of Reva Holdings Ltd [2013] JRC 208 (25 October 2013)

The Court accepted the consensus valuation of £595,000, which, after expenses and secured claims, resulted in a deficit for secured creditors and no surplus for unsecured creditors. Therefore, there was no jurisdiction to grant a Remise de Biens.

Citation
[2013] JRC 208
Parties
Applicant: Reva Holdings Limited; Secured Creditor: Jersey Home Loans Limited
Jurisdiction
Jersey
Judgment Date
25 October 2013
Procedural Posture
Remise De Biens Application / Final Judgment
Outcome
application refused
Legal Topics
Remise De Biens, Secured Creditors, Valuation of Assets, Distribution to Unsecured Creditors
Insolvency Property Law Remise De Biens Secured Creditors Valuation of Assets Distribution to Unsecured Creditors

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Parties

Reva Holdings Limited

Applicant

Jersey Home Loans Limited

Secured Creditor

Procedural Posture

Remise De Biens Application / Final Judgment

Legal Issues

  1. 1 Whether there is jurisdiction to grant a Remise de Biens when secured creditors will not be paid in full
  2. 2 Whether a surplus exists for unsecured creditors after payment of secured creditors

Ratio Decidendi

The Court accepted the consensus valuation of £595,000, which, after expenses and secured claims, resulted in a deficit for secured creditors and no surplus for unsecured creditors. Therefore, there was no jurisdiction to grant a Remise de Biens.

Court Disposition

application refused

Orders

  • Remise de Biens not granted
  • Stay on degrevement lifted; degrevement may proceed