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In the matter of the Companies Law (2011) Revision (as amended) and in the matter of Dyxnet Holdings Limited FSD 8 of 2012, Cresswell J, 8 October 2013

October 2013 Insolvency Winding Up Liquidation

CAYMAN ISLANDS

GRAND COURT

SECURITY FOR COSTS IN LIQUIDATION PROCEEDINGS - LIQUIDATION PROCEEDINGS SUBJECT TO COMPANIES WINDING UP RULES - COURT’S POWER TO GRANT SECURITY FOR COSTS - JUDICIAL COMITY

Dyxnet Holdings Limited (“Dyxnet” or, the “Company”) applied for security for costs in respect of winding up proceedings brought by one of its Shareholders (the “Petitioner”) on the heels of a Shareholder dispute. The relief sought by the Petitioner was for the purchase of its shares in Dyxnet by the other members of the Company as an alternative to a winding up order pursuant to Section 95(3)(d) of the Companies Law.

The Company sought security for its costs on the basis, it said, that the Court had inherent jurisdiction to make such an order and that there was reason to believe the Petitioner’s assets would be insufficient to pay the Company’s costs.

 

To continue reading full articles in PDF format:
In the matter of the Companies Law (2011) Revision (as amended) and in the matter of Dyxnet Holdings Limited FSD 8 of 2012, Cresswell J, 8 October 2013

 

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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

In the matter of the Companies Law (2011) Revision (as amended) and in the matter of Dyxnet Holdings Limited FSD 8 of 2012, Cresswell J, 8 October 2013

17 October 2013

CAYMAN ISLANDS

GRAND COURT

SECURITY FOR COSTS IN LIQUIDATION PROCEEDINGS - LIQUIDATION PROCEEDINGS SUBJECT TO COMPANIES WINDING UP RULES - COURT’S POWER TO GRANT SECURITY FOR COSTS - JUDICIAL COMITY

Dyxnet Holdings Limited (“Dyxnet” or, the “Company”) applied for security for costs in respect of winding up proceedings brought by one of its Shareholders (the “Petitioner”) on the heels of a Shareholder dispute. The relief sought by the Petitioner was for the purchase of its shares in Dyxnet by the other members of the Company as an alternative to a winding up order pursuant to Section 95(3)(d) of the Companies Law.

The Company sought security for its costs on the basis, it said, that the Court had inherent jurisdiction to make such an order and that there was reason to believe the Petitioner’s assets would be insufficient to pay the Company’s costs.

 

To continue reading full articles in PDF format:
In the matter of the Companies Law (2011) Revision (as amended) and in the matter of Dyxnet Holdings Limited FSD 8 of 2012, Cresswell J, 8 October 2013

 

 

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