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In the Matter of Titan Group Investment Limited (In Liquidation) Claim No. BVIHC (Com) 2012/0056

March 2014 Insolvency Winding Up Liquidation

BRITISH VIRGIN ISLANDS

COMMERCIAL COURT

APPLICATION BY JOINT COURT APPOINTED LIQUIDATORS FOR INTERIM REMUNERATION - TWO OF THE FOUR LIQUIDATORS ARE HONG KONG RESIDENT INSOLVENCY PRACTITIONERS - MEANING AND EFFECT OF SECTION 432(5)(A)(VI) OF THE INSOLVENCY ACT, 2003 CONSIDERED

This case concerned an application by Mr. Russell Crumpler of KPMG (BVI) Limited, Mr. Patrick Cowley and Mr. Edward Middleton (in their capacity as Joint and Several Liquidators of Titan Group Investment Limited [In Liquidation]) for an interim payment of their remuneration. The application was opposed. In the course of resolving various issues important general points of practice and legal construction emerged. The Learned Commercial Judge substantially approved all the sums sought by the Liquidators he held that in enacting Section 432(5)(a) (vi) of the Insolvency Act, 2003, the legislature did not intend that the Court was to take account of rates chargeable by insolvency practitioners in every jurisdiction and that it must be taken as knowing that many BVI Court ordered liquidations were multi-jurisdictional and would require the appointment of liquidators operating elsewhere.

 

To continue reading full articles in PDF format:
In the Matter of Titan Group Investment Limited (In Liquidation) Claim No. BVIHC (Com) 2012/0056

 

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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 Titan Group Investment Limited (In Liquidation) Claim No. BVIHC (Com) 2012/0056

18 March 2014

BRITISH VIRGIN ISLANDS

COMMERCIAL COURT

APPLICATION BY JOINT COURT APPOINTED LIQUIDATORS FOR INTERIM REMUNERATION - TWO OF THE FOUR LIQUIDATORS ARE HONG KONG RESIDENT INSOLVENCY PRACTITIONERS - MEANING AND EFFECT OF SECTION 432(5)(A)(VI) OF THE INSOLVENCY ACT, 2003 CONSIDERED

This case concerned an application by Mr. Russell Crumpler of KPMG (BVI) Limited, Mr. Patrick Cowley and Mr. Edward Middleton (in their capacity as Joint and Several Liquidators of Titan Group Investment Limited [In Liquidation]) for an interim payment of their remuneration. The application was opposed. In the course of resolving various issues important general points of practice and legal construction emerged. The Learned Commercial Judge substantially approved all the sums sought by the Liquidators he held that in enacting Section 432(5)(a) (vi) of the Insolvency Act, 2003, the legislature did not intend that the Court was to take account of rates chargeable by insolvency practitioners in every jurisdiction and that it must be taken as knowing that many BVI Court ordered liquidations were multi-jurisdictional and would require the appointment of liquidators operating elsewhere.

 

To continue reading full articles in PDF format:
In the Matter of Titan Group Investment Limited (In Liquidation) Claim No. BVIHC (Com) 2012/0056

 

 

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