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In the matter of the Companies Law (2007 Revision), and in the matter of the Lancelot Investors Fund Limited (In Official Liquidation) FSD No: 87/2011, per Quin J (12 August 2013)

August 2013 Companies

CAYMAN ISLANDS

GRAND COURT

APPEAL OF LIQUIDATOR’S REJECTION OF PROOF OF DEBT –- APPELLANT NOT REGISTERED OWNER OF SHARES – SHARES HELD BY REGISTERED NOMINEE – LEGAL ASSIGNMENT OF SHARES; EFFECT OF SIDE LETTER ON REDEMPTIVE RIGHTS OF SHARES

In this case, the Appellant appealed the rejection of a proof of debt (the “Proof of Debt”) by the Liquidator which had been filed by Fortis Bank (Cayman) Ltd, and sought to have the Claim admitted to proof in the sum of US$17,987,7233.72 (the “Debt”). Fortis, being the registered shareholder of the shares under a custodian agreement with the Appellant had previously filed a Proof of Debt for the Debt, being the balance of an earlier redemption request which had not been paid by Lancelot Investors Fund Limited (the “Company”).

The Court was asked to make a determination on four material issues. Firstly, it had to determine whether the Appellant could appeal the Liquidator’s rejection of the Proof of Debt filed by Fortis, which was the registered nominee shareholder of the shares.

 

To continue reading full articles in PDF format:
In the matter of the Companies Law (2007 Revision), and in the matter of the Lancelot Investors Fund Limited (In Official Liquidation) FSD No: 87/2011, per Quin J (12 August 2013)

 

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