Letters of request — insolvent Jersey companies and UK administration
On 9 April 2013, Mann J refused an application by HSBC Bank Plc pursuant to a letter of request for assistance issued by the Royal Court of Jersey on 28 February 2013 seeking the appointment of administrators over Tambrook Jersey Ltd. Tambrook is incorporated in Jersey but its only assets are in the UK.
The request for assistance from the Jersey Court was based on section 426(4) of the Insolvency Act 1986 and in issuing the letter the Jersey Court noted that “it is settled law that this Court has jurisdiction to issue a request to the English Court, it being recognised that Jersey Insolvency Law does not make provision for the flexibility offered by the administration process.” Mann J held that as there was no Jersey insolvency proceeding on foot, “and no intention on the part of anyone (apparently) to start one” it was not possible for the English Court to see how the Royal Court is “assisted” for the purposes of 426(4)…
If you are registered and logged in to the site, click on the link below to read the rest of the Mourant Ozannes briefing. If not, please register or sign in with your details below.
News from Mourant Ozannes
Briefings from Mourant Ozannes
Jersey Court of Appeal confirms rights of non-trustee fiduciaries to an indemnity out of the trust fund
On appeal from the Royal Court, the Jersey Court of Appeal held that a fiduciary in relation to a trust had an identical right of indemnity in equity out of the trust fund as a trustee.
The interpleader proceedings in Guernsey are dealing with substantial assets claimed to be the proceeds of a fraud alleged against Nikolai Battoo and the BC Capital Group.