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.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Appleby

View more briefings from Appleby

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

1st Floor
3 Copthall Avenue
London
EC2R 7BH
UK
http://www.applebyglobal.com

Total staff: 528
Partners: 64