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Brilla Capital Investment Master Fund SPC Limited et al -v- John Greenwood by Order dated 4 May 2014 et al Claim No. AXAHCVAP2013/0007

May 2014 Insolvency Winding Up Liquidation

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

CIVIL APPEAL - INTERLOCUTORY APPEAL - REMOVAL OF LIQUIDATOR - WHETHER MASTER ERRED IN REFUSING APPLICATION TO GIVE DIRECTIONS TO A LIQUIDATOR/REMOVE A LIQUIDATOR - TEST FOR REMOVAL OF LIQUIDATOR - SECTION 10 OF ALIENS LAND HOLDING REGULATION ACT

This was an appeal against the refusal by a master to remove John Greenwood as liquidator of Leeward Isles Resorts Limited. The Court allowed the Appeal and held that when deciding whether to exercise its discretion to remove a liquidator, the court must be satisfied that the retention of the liquidator will be adverse to the ongoing liquidation or, conversely, that the removal of the liquidator is in the interests of the liquidation. In making this determination, the court should follow a three-stage process. Firstly, it must determine whether the applicant has the standing to apply for the removal of the liquidator. Secondly, the court has to decide whether due cause has been shown for the removal of the liquidator. Due cause does not necessarily mean that there is misconduct on the part of the liquidator or unfitness for purpose, but rather the court should consider all the circumstances and decide whether, on the whole, the liquidator should be removed. Thirdly, if due cause has been shown, the court should then decide whether to exercise its discretion to remove the liquidator.

 

To continue reading full articles in PDF format:
Brilla Capital Investment Master Fund SPC Limited et al -v- John Greenwood by Order dated 4 May 2014 et al Claim No. AXAHCVAP2013/0007

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Brilla Capital Investment Master Fund SPC Limited et al -v- John Greenwood by Order dated 4 May 2014 et al Claim No. AXAHCVAP2013/0007

19 May 2014

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

CIVIL APPEAL - INTERLOCUTORY APPEAL - REMOVAL OF LIQUIDATOR - WHETHER MASTER ERRED IN REFUSING APPLICATION TO GIVE DIRECTIONS TO A LIQUIDATOR/REMOVE A LIQUIDATOR - TEST FOR REMOVAL OF LIQUIDATOR - SECTION 10 OF ALIENS LAND HOLDING REGULATION ACT

This was an appeal against the refusal by a master to remove John Greenwood as liquidator of Leeward Isles Resorts Limited. The Court allowed the Appeal and held that when deciding whether to exercise its discretion to remove a liquidator, the court must be satisfied that the retention of the liquidator will be adverse to the ongoing liquidation or, conversely, that the removal of the liquidator is in the interests of the liquidation. In making this determination, the court should follow a three-stage process. Firstly, it must determine whether the applicant has the standing to apply for the removal of the liquidator. Secondly, the court has to decide whether due cause has been shown for the removal of the liquidator. Due cause does not necessarily mean that there is misconduct on the part of the liquidator or unfitness for purpose, but rather the court should consider all the circumstances and decide whether, on the whole, the liquidator should be removed. Thirdly, if due cause has been shown, the court should then decide whether to exercise its discretion to remove the liquidator.

 

To continue reading full articles in PDF format:
Brilla Capital Investment Master Fund SPC Limited et al -v- John Greenwood by Order dated 4 May 2014 et al Claim No. AXAHCVAP2013/0007

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com