Court of Appeal has a wider view of assisting foreign insolvency courts
By Brian Cain
Over the last decade or so, there have been half a dozen cases where the Jersey courts have requested that an administration order be made in relation to a Jersey company that has been acceded to by the English Courts without any question being raised about the jurisdiction to do so. At first instance, the High Court held that it could not ‘assist’ a foreign court where there were no substantive insolvency proceedings current in that foreign court. That decision has now been overturned by the Court of Appeal.
Tambrook Jersey Ltd developed properties in Margate. HSBC funded those developments making facilities available to Tambrook amounting to some £6m. The facilities were secured by a debenture and legal charges in favour of the bank. As the judge succinctly summed up: ‘To say that the development has not been a success is something of an understatement, because the properties [which are Tambrook’s principal asset] are thought to be worth no more than £150,000, and conceivably rather less.’ …
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