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Offshore Cases

Farnum Place LLC -v- Joanna Lau and Kenneth Krys

March 2012 Insolvency Winding Up Liquidation

BRITISH VIRGIN ISLANDS

HIGH COURT

COMPANIES - WINDING UP - TRANSACTION APPROVAL PROCEEDINGS - DUTIES OF LIQUIDATOR

The Claimant Farnum Place LLC applied under Section 273 of the Insolvency Act, 2003 for an order compelling Fairfield Sentry (by its Liquidator) to seek the approval of the court of the terms and conditions of a contract entered into between Sentry and Farnum (the “Trade Confirmation”) and to take the necessary steps to bring to fruition certain other conditions to which the contract is expressed to be subject. The terms of the Trade Confirmation is governed by New York law.

The Liquidator maintained that he either never has been or else is no longer bound by the Trade Confirmation and that he is entitled to walk away because of the existence of a “fiduciary out” clause in the Trade Confirmation.

 

To continue reading full articles in PDF format:
Farnum Place LLC -v- Joanna Lau and Kenneth Krys

 

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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

Farnum Place LLC -v- Joanna Lau and Kenneth Krys

01 March 2012

BRITISH VIRGIN ISLANDS

HIGH COURT

COMPANIES - WINDING UP - TRANSACTION APPROVAL PROCEEDINGS - DUTIES OF LIQUIDATOR

The Claimant Farnum Place LLC applied under Section 273 of the Insolvency Act, 2003 for an order compelling Fairfield Sentry (by its Liquidator) to seek the approval of the court of the terms and conditions of a contract entered into between Sentry and Farnum (the “Trade Confirmation”) and to take the necessary steps to bring to fruition certain other conditions to which the contract is expressed to be subject. The terms of the Trade Confirmation is governed by New York law.

The Liquidator maintained that he either never has been or else is no longer bound by the Trade Confirmation and that he is entitled to walk away because of the existence of a “fiduciary out” clause in the Trade Confirmation.

 

To continue reading full articles in PDF format:
Farnum Place LLC -v- Joanna Lau and Kenneth Krys

 

 

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