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In the matter of Titan Petrochemicals Limited [2013] SC (Bda) 74 Com (18 October 2013)

October 2013 Insolvency Winding Up Liquidation

BERMUDA

SUPREME COURT

WINDING UP - APPOINTMENT OF JOINT PROVISIONAL LIQUIDATORS TO OVERSEE RESTRUCTURING PROCESS - LACK OF DISCLOSURE BY COMPANY - SECTION 164 OF THE COMPANIES ACT, 1981

The applications before the Court were for a winding up order, alternatively for the appointment of provisional liquidators to displace the management and, in the further alternative, for the appointment of joint provisional liquidators with ‘soft’ powers, all of which were opposed by the Company.

On hearing the Petition, it was clear that the restructuring process originally proposed for the Company had not progressed at the rate which had been hoped. In addition, for reasons that were ultimately not decisive, the composition of the informal committee, which the Company attempted to put together ended up being not representative of the general body of unsecured creditors. It was conceded that all committee members who had agreed to serve were in fact note-holders who were, to some extent at least, secured and therefore had interests which were different to those of the Petitioner and other unsecured creditors. The other matter of concern to the Court was that the Court was still very much in the dark, as was the Petitioner, about the broad financial picture.

 

To continue reading full articles in PDF format:
In the matter of Titan Petrochemicals Limited [2013] SC (Bda) 74 Com (18 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 Titan Petrochemicals Limited [2013] SC (Bda) 74 Com (18 October 2013)

17 October 2013

BERMUDA

SUPREME COURT

WINDING UP - APPOINTMENT OF JOINT PROVISIONAL LIQUIDATORS TO OVERSEE RESTRUCTURING PROCESS - LACK OF DISCLOSURE BY COMPANY - SECTION 164 OF THE COMPANIES ACT, 1981

The applications before the Court were for a winding up order, alternatively for the appointment of provisional liquidators to displace the management and, in the further alternative, for the appointment of joint provisional liquidators with ‘soft’ powers, all of which were opposed by the Company.

On hearing the Petition, it was clear that the restructuring process originally proposed for the Company had not progressed at the rate which had been hoped. In addition, for reasons that were ultimately not decisive, the composition of the informal committee, which the Company attempted to put together ended up being not representative of the general body of unsecured creditors. It was conceded that all committee members who had agreed to serve were in fact note-holders who were, to some extent at least, secured and therefore had interests which were different to those of the Petitioner and other unsecured creditors. The other matter of concern to the Court was that the Court was still very much in the dark, as was the Petitioner, about the broad financial picture.

 

To continue reading full articles in PDF format:
In the matter of Titan Petrochemicals Limited [2013] SC (Bda) 74 Com (18 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