July 26 2011
START DATE
END DATE
Augu 12 2011
Alpha Prime Fund Ltd. v. Premio Fund Ltd.
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda Commercial Court
Commercial Law
Kawaley J
Rod Attride-Stirling Nathaniel Turner
Cameron Hill
FACTS OF THE CASE:
Alpha Prime sought an injunction to prevent Premio from winding it up over disputed debts. Premio applied to discharge the injunction. Alpha Prime argued it was solvent and had suspended payment rights under its corporate constitution. The dispute centered on whether Primeo's redemption request made it a creditor.
SUMMARY:
The key issue was the validity of Primeo's creditor status based on disputed debts related to hedge fund share redemptions. Alpha Prime argued it had suspended redemption payments questioning Primeo's claim.
OUTCOMES:
The court refused to discharge the injunction ruling in favor of Alpha Prime. It found that the existence and quantum of debts were disputed on substantial grounds making a winding-up petition an abuse of process.
RULED IN FAVOUR OF:
Plaintiff/Claimant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Alpha Prime Fund Ltd. v. Premio Fund Ltd.
Alpha Prime sought an injunction to prevent Premio from winding it up over disputed debts. Premio applied to discharge the injunction. Alpha Prime argued it was solvent and had suspended payment rights under its corporate constitution. The dispute centered on whether Primeo's redemption request made it a creditor.