11/1/2019
START DATE
END DATE
27-Jan-20
IN THE MATTER OF NORTH MINING SHARES COMPANY LIMITED
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
COMMERCIAL JURISDICTION
Shade Subair Williams J
Mr. Benjamin McCosker / Ms. Nicole Tovey (Walkers Bermuda Limited)
Mr. Keith Robinson (Carey Olsen (Bermuda) Limited)
FACTS OF THE CASE:
The company sought voluntary winding-up and appointment of JPLs due to insolvency supported by the affidavit of Mr. Zhao Jian detailing the company's debt and restructuring efforts including the Gold Pearl Sale and renegotiating debt with SFund. The majority of creditors supported the appointment of JPLs except Natu. The company's petition strategically filed to meet procedural requirements for the appointment of JPLs emphasizing the company's balance sheet solvency but liquidity issues
SUMMARY:
Issues of insolvency appointment of JPLs comity with Hong Kong High Court and creditor support for company's restructuring plan
OUTCOMES:
Appointment of light touch JPLs approved issuance of letter of request approved company's restructuring efforts supported by majority of creditors
RULED IN FAVOUR OF:
Plaintiff/Claimant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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IN THE MATTER OF NORTH MINING SHARES COMPANY LIMITED
The company sought voluntary winding-up and appointment of JPLs due to insolvency supported by the affidavit of Mr. Zhao Jian detailing the company's debt and restructuring efforts including the Gold Pearl Sale and renegotiating debt with SFund. The majority of creditors supported the appointment of JPLs except Natu. The company's petition strategically filed to meet procedural requirements for the appointment of JPLs emphasizing the company's balance sheet solvency but liquidity issues