July 10 2012
START DATE
END DATE
July 23 2013
In the Matter of Titan Petrochemicals Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
COMPANIES (WINDING-UP)
IAN R.C. KAWALEY CJ
Cameron Hill
Mark Diel Kevin Taylor
FACTS OF THE CASE:
Saturn Petrochemicals Holdings Limited filed a petition to wind up Titan Petrochemicals Limited; The court struck out Saturn's petition due to lack of standing and subsequently allowed KTL Camden Inc. to substitute as petitioner. KTL Camden claimed a debt under a guarantee related to a charter agreement which Titan disputed based on arbitration clause and alleged counterclaims.
SUMMARY:
Whether KTL Camden can be substituted as petitioner following the striking out of Saturn's petition and if the debt claimed by KTL Camden is genuinely disputed on substantial grounds
OUTCOMES:
KTL Camden allowed to substitute as petitioner court found no genuine dispute on substantial grounds concerning KTL Camden's debt
RULED IN FAVOUR OF:
KTL Camden
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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In the Matter of Titan Petrochemicals Limited
Saturn Petrochemicals Holdings Limited filed a petition to wind up Titan Petrochemicals Limited; The court struck out Saturn's petition due to lack of standing and subsequently allowed KTL Camden Inc. to substitute as petitioner. KTL Camden claimed a debt under a guarantee related to a charter agreement which Titan disputed based on arbitration clause and alleged counterclaims.