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