November 18 22 2011
START DATE
END DATE
November 30 2011
The Bermuda Monetary Authority v The South of England Protection and Indemnity Association (Bermuda) Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
COMMERCIAL COURT COMPANIES (WINDING-UP)
Kawaley J
John Riihiluoma Jennifer Fraser
Rod S. Attride-Stirling Kehinde George
FACTS OF THE CASE:
The Company was insolvent had a history of regulatory delinquency and operated in a manner inconsistent with its Bye-Laws and the Companies Act 1981. Despite the Company's claims of solvency and management expertise it failed to meet statutory solvency margins liquidity ratios and filing deadlines. The BMA and JPLs recommended winding-up on public interest grounds
SUMMARY:
Whether the Company should be wound-up based on insolvency regulatory non-compliance and public interest
OUTCOMES:
The Company was ordered to be wound up and the appointment of Joint Provisional Liquidators was confirmed
RULED IN FAVOUR OF:
Plaintiff/Claimant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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The Bermuda Monetary Authority v The South of England Protection and Indemnity Association (Bermuda) Limited
The Company was insolvent had a history of regulatory delinquency and operated in a manner inconsistent with its Bye-Laws and the Companies Act 1981. Despite the Company's claims of solvency and management expertise it failed to meet statutory solvency margins liquidity ratios and filing deadlines. The BMA and JPLs recommended winding-up on public interest grounds