In the matter of Buchannan Smith Ltd [2008] JRC 174 (06 October 2008)
The debtor owes the sum of £1,522,518, acknowledged in correspondence, and the asset structure does not preclude granting the désastre. The Viscount is entitled to full indemnity for costs and further escrow as required.
Source-derived case information.
- Citation
- [2008] JRC 174
- Parties
- Debtor: Arkaga Group; Applicant: Viscount's Department
- Jurisdiction
- Jersey
- Judgment Date
- 06 October 2008
- Procedural Posture
- Application for Désastre / Final Hearing
- Outcome
- désastre granted
- Legal Topics
- Désastre, Interim Payment Order, Indemnity of Costs
Source-derived case record
Summary, issues, holding and outcome
More case intelligence is available
Unlock the full research layer for this judgment.
Parties
Arkaga Group
Debtor
Viscount's Department
Applicant
Procedural Posture
Application for Désastre / Final Hearing
Legal Issues
- 1 Whether the debtor owes the sum of £1,522,518
- 2 Whether a désastre should be granted
- 3 Whether the Viscount should be indemnified against costs
Ratio Decidendi
The debtor owes the sum of £1,522,518, acknowledged in correspondence, and the asset structure does not preclude granting the désastre. The Viscount is entitled to full indemnity for costs and further escrow as required.
Court Disposition
désastre granted
Orders
- The Viscount is indemnified against the costs of the désastre in full
- If the Viscount requires more money on escrow, it will be paid
Full Case Text
Judgment text and source record
1 paragraphs
judgment the commissioner: 1. We have tried everything to alleviate the problems of the Viscount which, in the light of the structures of the Arkaga Group will be severe. 2. The application was initially brought before this Court on the 12 th September, 2008, when, at the request of the parties, it was adjourned to the 19 th September. At that hearing the matter was adjourned to the 29 th September and the parties again decided to adjourn until today in the anticipation that matters might be resolved. 3. Apparently it was not to be and as long ago as the 28 th July, 2008, Mr Justice Tomlinson, sitting as a single judge, found that the sum of £1,522,518 was due by the debtor and he granted an interim payment order in respect of it. The learned judge also found that the company's solicitors had, on several occasions, acknowledged that the debt was due, in correspondence. 4. The application is straightforward, although the asset structure of the company is complicated, and it is for that reason that delays have followed on delays. We appreciate that £20,000 has been paid in already to the Viscount's Department. We are going to grant the désastre and it is on the understanding, and the order, that the Viscount will be indemnified against the costs of the désastre in full and if the Viscount requires more money on escrow, he will ask for it, and it will be paid. No Authorities Page Last Updated: 06 Jun 2015 BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback | Donate to BAILII