The Viscount v HSBC Bank plc Abacus (C.I.) Ltd and [2004] JRC 138 (09 August 2004)

The Court approved the agreements and ordered discharge because there was no evidence of fraud, the agreements benefited all creditors, and no objections were raised.

Citation: [2004] JRC 138
Parties: Applicant: Viscount; Respondent: K. R. Leech; Creditor: HSBC; Trustee: Abacus (the Trustee)
Jurisdiction: Jersey
Judgment Date: 09 August 2004
Procedural Posture: Désastre Proceedings / Application for Directions and Discharge
Outcome: Orders made as requested; agreements approved; discharge to be granted after 6 months from Acquisition Date.
Legal Topics: Désastre, Creditor Arrangements, Discharge of Debtor, Distribution of Assets

Insolvency Bankruptcy Désastre Creditor Arrangements Discharge of Debtor Distribution of Assets

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Parties

Viscount

Applicant

K. R. Leech

Respondent

HSBC

Creditor

Abacus (the Trustee)

Trustee

Procedural Posture

Désastre Proceedings / Application for Directions and Discharge

Legal Issues

1 Whether the Court should approve the proposed agreements for distribution of assets in the désastre of Mr. Leech
2 Whether Mr. Leech should be discharged from the désastre after 6 months

Ratio Decidendi

The Court approved the agreements and ordered discharge because there was no evidence of fraud, the agreements benefited all creditors, and no objections were raised.

Court Disposition

Orders made as requested; agreements approved; discharge to be granted after 6 months from Acquisition Date.

Orders

Agreements between Viscount, Trustee, HSBC, and Mr. Leech approved
Discharge of Mr. Leech from désastre to occur 6 months after Acquisition Date