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In the Matter of Kingate Management Limited [2012] SC (Bda) 52 Com

October 2012 InsolvencyLiquidationWinding Up

BERMUDA

SUPREME COURT

COMPANIES – WINDING UP – SECTION 167(4) COMPANIES ACT – APPLICATION TO CONTINUE CIVIL ACTION – ENTITLEMENT TO BE JOINED TO APPLICATION – SECTION 175(3) COMPANIES ACT

An Application was made by the Joint Liquidators of Kingate Global Fund Limited (in liquidation) and Kingate Euro Fund Limited (in liquidation), the “Funds”. The Funds were Plaintiffs in a pre-existing civil action against Kingate Management Limited (the “Company”). The Application sought leave to pursue the civil action against the Company following the winding up of the Company in March 2012. The main question raised by the application was whether the claims asserted against the Company ought to be continued in the civil action pursuant to Section 167(4) of the Companies Act, 1981 (the “Act”) or advanced instead through the proof of debt process in the Company’s liquidation. The Shareholder Defendants in the civil action (who were also creditors of the Company) sought to be joined to the aforesaid application.

 

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In the Matter of Kingate Management Limited [2012] SC (Bda) 52 Com

 

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