July 3 2013
START DATE
END DATE
July 3 2013
In the Matter of A Company AND In the Matter of an Application by Joint Provisional Liquidators to Recover Their Costs
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
CIVIL JURISDICTION (COMMERCIAL COURT)
IAN R.C. KAWALEY CJ
Mr. Delroy Duncan and Ms. Nicole Tovey Trott and Duncan Limited
Mr. Christian Luthi Conyers Dill & Pearman Limited
FACTS OF THE CASE:
JPLs seek approval for their costs incurred since March 15 2013 totaling over $445000. The Company disputes the amount claiming it is unreasonable. The case involves complexities related to the company's insolvency and the potential impact of provisional liquidation on the company's principal asset a bank with concerns over its value if the liquidation became public. The JPLs were appointed to review a transaction and faced challenges due to the commercial environment's volatility.
SUMMARY:
Whether the JPLs' costs incurred are reasonable and should be approved by the court.
OUTCOMES:
The court acknowledges the complexity of the case but finds the global amount charged on the high side. A discount of 15% on the total sum claimed post-March 15 is imposed.
RULED IN FAVOUR OF:
N/A
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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In the Matter of A Company AND In the Matter of an Application by Joint Provisional Liquidators to Recover Their Costs
JPLs seek approval for their costs incurred since March 15 2013 totaling over $445000. The Company disputes the amount claiming it is unreasonable. The case involves complexities related to the company's insolvency and the potential impact of provisional liquidation on the company's principal asset a bank with concerns over its value if the liquidation became public. The JPLs were appointed to review a transaction and faced challenges due to the commercial environment's volatility.