Ex Parte: Isle Security Agency Ltd (XP 170/2017) [2018] SCSC 8244 (16 August 2018)

The company is insolvent as its debts exceed its assets, a special resolution for winding up was passed, and statutory requirements for winding up and appointment of a liquidator have been satisfied.

Citation: [2018] SCSC 8244
Parties: Petitioner: Isle Security Agency Ltd; Creditor: Revenue Commissioner
Court: Supreme Court
Jurisdiction: Seychelles
Judgment Date: 16 August 2018
Case Number: XP 170/2017
Procedural Posture: Winding Up Petition / Final Order
Outcome: Petition allowed; company wound up; liquidator confirmed.
Legal Topics: Winding Up of Company, Appointment of Liquidator, Inability to Pay Debts
Source Language: English

Insolvency Company Law Winding Up of Company Appointment of Liquidator Inability to Pay Debts

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Parties

Isle Security Agency Ltd

Petitioner

Revenue Commissioner

Creditor

Procedural Posture

Winding Up Petition / Final Order

Legal Issues

1 Whether Isle Security Agency Ltd should be wound up by the court under the Insolvency Act
2 Whether Mr. Peter Roselie should be confirmed as liquidator

Ratio Decidendi

The company is insolvent as its debts exceed its assets, a special resolution for winding up was passed, and statutory requirements for winding up and appointment of a liquidator have been satisfied.

Court Disposition

Petition allowed; company wound up; liquidator confirmed.

Orders

Isle Security Agency Ltd is hereby wound up.
Mr. Peter Roselie is confirmed as liquidator with all powers under section 119 of the Insolvency Act, especially to pay debts or make alternative arrangements to satisfy creditors.