Mobile Menu
Offshore Cases

In the Matter of China Shanshui Cement Group Limited (Unreported, 25 November 2015)

November 2015 LiquidationWinding UpInsolvency

CAYMAN ISLANDS

GRAND COURT

WINDING UP PETITION – APPLICATION BY SHAREHOLDERS TO STRIKE OUT PETITION ON GROUNDS DIRECTORS NOT AUTHORISED

The Grand Court of the Cayman Islands confirmed, in a decision by Mangatal J, that the directors of a company do not have statutory authority to petition the Court to wind up the company (whether the company is solvent or insolvent) without the sanction of a resolution of shareholders, unless the articles of association of the company expressly provide otherwise.

In this case a winding up petition, submitted by the directors of the company, was struck out for lack of standing to file the petition.

 

To continue reading full articles in PDF format:
In the Matter of China Shanshui Cement Group Limited (Unreported, 25 November 2015)

 

Accolades
_

"I enjoy working with them - they are very dependable, reliable and responsive."
- Chambers Global