In the matter of representations of GG Investments Ltd and Tygres Investments Ltd [2017] JRC 102 (30 June 2017)

In the matter of representations of GG Investments Ltd and Tygres Investments Ltd [2017] JRC 102 (30 June 2017)

The court found that, on the evidence and valuations presented, there was no reasonable prospect of a surplus from the realisation of the properties for unsecured creditors, and thus no jurisdiction to grant remise de biens. Even if the court was wrong on jurisdiction, the margins were so tight and the process so complex that it would not exercise its discretion to grant the applications.

Citation
[2017] JRC 102
Parties
Applicant: Tygres Investments Limited; Applicant: GG Investments Ltd; Beneficial Owner/supporting Witness: Mr Geoffrey Mayger; Secured Creditor: Jersey Home Loans Limited
Jurisdiction
Jersey
Judgment Date
30 June 2017
Procedural Posture
Remise De Biens Application / Judgment on Applications
Outcome
applications refused
Legal Topics
Remise De Biens, Secured Creditors, Valuation of Property, Jurisdiction to Grant Remise, Costs in Insolvency
Insolvency Property Law Remise De Biens Secured Creditors Valuation of Property Jurisdiction to Grant Remise Costs in Insolvency

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Parties

Tygres Investments Limited

Applicant

GG Investments Ltd

Applicant

Mr Geoffrey Mayger

Beneficial Owner/supporting Witness

Jersey Home Loans Limited

Secured Creditor

Procedural Posture

Remise De Biens Application / Judgment on Applications

Legal Issues

  1. 1 Whether there will be a surplus from the realisation of property to enable unsecured creditors to receive a dividend from the remise
  2. 2 Whether the court has jurisdiction to grant remise de biens in the circumstances
  3. 3 Whether legal and administrative costs should be included in the calculation of secured debts

Ratio Decidendi

The court found that, on the evidence and valuations presented, there was no reasonable prospect of a surplus from the realisation of the properties for unsecured creditors, and thus no jurisdiction to grant remise de biens. Even if the court was wrong on jurisdiction, the margins were so tight and the process so complex that it would not exercise its discretion to grant the applications.

Court Disposition

applications refused

Orders

  • Application for remise de biens by Tygres Investments Limited refused.
  • Application for remise de biens by GG Investments Ltd refused.