Adminstration in the Isle of Man
By Mark Holligon and Gillian Duffy
On 6 March 2014, Mann J placed Gulldale into administration in England. In so doing, Gulldale became the first Isle of Man incorporated company with the centre of main interest in the Isle of Man to be placed into administration in England.
Mann J was acting upon a letter of request issued by the Isle of Man High Court of Justice, received under section 426 of the Insolvency Act 1986. Capita Asset Services (London) applied to the Isle of Man High Court for a letter of request to be issued to the High Court of England and Wales seeking that the English court make an administration order over Gulldale under the Insolvency Act 1986.
Capita, the special servicer appointed by the principal secured creditor of Gulldale, argued that the company was unable to pay its debts and therefore required an insolvency procedure to be put in place to protect and manage the assets of the company for the benefit of its creditors, and that administration was, in all the circumstances, the most appropriate process given the location of the assets and the company’s creditors. There is no administration procedure in the Isle of Man and therefore the only possible way Gulldale could benefit from the administration process would be for the court in the Isle of Man to issue a letter of request to the English court pursuant to its inherent jurisdiction…
Click on the link below to read the rest of the Appleby briefing.
News from Appleby
News from The Lawyer
Briefings from Appleby
Bermuda’s legal framework facilitates the creation of flexible and economically viable co-investment vehicles within a stable and business-friendly jurisdiction.
Feltham v Bouskell provides a cautionary tale for lawyers regarding the need to act quickly upon the receipt of instructions from elderly or ill clients.
Analysis from The Lawyer
The past quarter has been busy for the offshore sector as firms have looked to capitalise on globalisation, while workflow has remained high
Business is booming in the Isle of Man, a small jurisdiction that thinks big