June 21 2012
START DATE
END DATE
July 6 2012
IN THE MATTER OF GEROVA FINANCIAL GROUP LIMITED
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
COMPANIES (WINDING-UP) COMMERCIAL COURT
IAN RC KAWALEY CJ
Cameron Hill Sedgwick Chudleigh
Martin Ouwehand Appleby
FACTS OF THE CASE:
The case revolves around the insolvency and winding-up petition against Gerova Financial Group Limited by Maxim LLC based on an unpaid debt evidenced by a promissory note. The court had to consider whether Maxim having sold its debt collection rights to Aramid Entertainment Fund Ltd. under an Agency Agreement maintained sufficient interest in the proceedings. The court found Maxim to be an unpaid creditor with standing entitled to a winding-up order on the grounds of inability to pay its debt notwithstanding the complex background of commercial disputes and alleged collateral purposes behind the petition.
SUMMARY:
Insolvency creditor's standing legitimacy of winding-up petition based on unpaid debt despite complex funding arrangements
OUTCOMES:
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 GEROVA FINANCIAL GROUP LIMITED
The case revolves around the insolvency and winding-up petition against Gerova Financial Group Limited by Maxim LLC based on an unpaid debt evidenced by a promissory note. The court had to consider whether Maxim having sold its debt collection rights to Aramid Entertainment Fund Ltd. under an Agency Agreement maintained sufficient interest in the proceedings. The court found Maxim to be an unpaid creditor with standing entitled to a winding-up order on the grounds of inability to pay its debt notwithstanding the complex background of commercial disputes and alleged collateral purposes behind the petition.