Judgment — canary

Cause Number

G 0521/1998

Court

CIGC (Civ)

Judge

Levers J

Parties

In the Matter of High Risk Opportunity Hub Fund Ltd (In Liquidation) - Ruling

Judgment Date

2003-11-21

Subject

Liquidation; Priority of Creditors in Insolvent Company; Contingent Asset and Appeal Likelihood

Filename (current)

03-11-21-High-Risk-Opportunity-Hub-Fund-Ltd.pdf

Statute	Sections cited	Mentions
Companies Act	—	1

Statute

Sections cited

Mentions

Companies Act

—

Use paragraph links to cite this judgment, or download the original PDF. Select text to copy a passage.

In the Grand Court of the Cayman Islands — Civil Division

Cause No. G 0521/1998

In the Matter of High Risk Opportunity Hub Fund Ltd (In Liquidation) - Ruling

Before
Levers J

Judgment delivered 2003-11-21

IN CHAMBERS IN THE GRAND COURT OF THE CAYMAN ISLANDS CAUSE NO. 521 OF 1998 IN THE MATTER OF THE COMPANIES LAW (2003 REVISIONS) AND IN THE MATTER OF THE HIGH RISK OPPORTUNITY HUB FUND LTD. (IN LIQUIDATION) BEFORE: MADAME JUSTICE LEVERS Appearances: Mr. G. Moss, QC and Ms. I. Pierce of Walkers for the Applicant/Liquidators Mr. A. Bolton of Hunter & Hunter for the Creditors Mr. N. Timms and Mr. A. Galatopoulos of Maples & Calder for the Shareholders Heard: 18th November, 2003 RULING Levers J.

The refusal to sanction was based on a remote contingent asset to which the learned Judge attributed great "significance" and that to my mind has a real likelihood of success on appeal.

In view of the principals of law cited by Mr. Moss, QC, the question as to whether interest of the creditors was given the priority it should be given in an insolvent company is a matter that has a likelihood of success on appeal. Dated this 21st day of November, 2003 Madame Justice Priya Levers Judge of the Grand Court