On 10 March 2009 following the issuing of the Opinion of the court the case was continued to enable parties to implement that decision. Susequently the petitioner's shareholding in the company was purchased for £469,800 and on 26 October 2009 parties agreed that the prayer of the petition should be dismissed. Here the petitioner sought the expenses of the petition against the respondent and an additional fee in terms of Rule of Court 42.14(3). These motions were opposed by the respondent wh ...
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Sigma is a structured investment vehicle, whose business involved acquiring asset-backed securities and other instruments, using funds raised by issuing or guaranteeing US dollar and Euro medium term notes (MTNs) as well as liquidity from other sources, such as facilities, derivatives, repurchase contracts and capital notes. All of Sigma’s assets were secured in favour of its secured creditors upon the terms of a Security Trust Deed (STD) made between Sigma and Deutsche Trustee Compa ...
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This was an application to wind up Kirkbride Investments Limited, a company engaged in property development in Scotland with the assistance of secured lending which the petitioners provided, and for the appointment of joint provisional liquidators. The petitioners contended that the company was incorporated overseas in Gibralter in order to obtain tax advantages in the United Kingdom. The petitioners demanded repayment of the sums due in accordance with the terms on which petitioners financed th ...
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The appellant Polish Company (E) appealed against a decision that arbitrators were correct to apply English law to the question whether an arbitration against E should proceed once E had been declared bankrupt in Poland. If an action had been begun or a reference to arbitration had been constituted in a Member State other than that in which insolvency proceedings had been opened, the case would fall with Regulation 1346/2000 art.15 and the law of the Member State where the legal action had begun ...
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A reinsurer’s failure to replenish a trust account set up under an agreement with an insurance company did not make the insurer a creditor of the reinsurer. Accordingly, the insurer did not have locus standi to bring a winding-up petition in respect of the reinsurer.
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The appellant building society appealed against a decision granting an application by the trustee in bankruptcy to discharge a charging order obtained over the share of the bankrupt in a property. Held that a judgment creditor who had obtained a final charging order before the making of a bankruptcy order was not to be deprived of the benefit of his security by reason of the bankruptcy alone.
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In 2001 Chartbrook entered into an agreement with Persimmon for the development of a site which Chartbrook had recently acquired. Persimmon was to obtain planning permission and then, pursuant to a licence from Chartbrook, enter into possession, construct a mixed residential and commercial development and sell the properties on long leases. Chartbrook would grant the leases at the direction of Persimmon, which would receive the proceeds for its own account and pay Chartbrook an agreed price for ...
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The Petitioners sought a Winding Up Order against the Respondents. They had previously lodged a caveat and a Hearing took place. The Sheriff had to consider whether to make an Order for First Deliverance on the Petition. The Petitioners sought an Order on the grounds that the Respondents were allegedly unable to pay their debts as and when they fell due (Sections 122 (f) and 123 of the Insolvency Act 1986). This followed the service of a Statutory Demand. The Petitioners also claimed tha ...
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The Petitioners sought a Winding Up Order against the Respondents. The caveat had been lodged on their behalf and a hearing took place. The Sheriff had to consider whether to make an Order for First Deliverance on the Petition. The Petitioners sought an Order on the grounds that the Respondents were allegedly unable to pay their debts as and when they fell due (Sections 122 (f) and 123 of the Insolvency Act 1986). This followed the service of the Statutory Demand. The Petitioners also cl ...
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In the course of negotiating settlement of a personal injury claim, Servisair's insurers wrote to JVK's solicitors advising, "We accept that our Insured is liable for the purposes of this claim, and will pay damages, to be assessed when we receive details of the claim. We will also be paying your costs in accordance with the Civil Procedure Rules."
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