English Administration of an Isle of Man Company
In Capita v Gulldale the Isle of Man High Court issued a letter of request to the English High Court seeking the appointment of English administrators to an Isle of Man company, Gulldale Limited.
In doing so the Isle of Man High Court was following the procedure confirmed in Tambrook (where the Jersey Court had similarly sought the English Court’s assistance).
An administration order appears not yet to have been made in England and Wales in this case. However, the use by offshore jurisdictions of the provisions of Section 425 Insolvency Act 1986 is a demonstration of the attractiveness of English insolvency proceedings as a cross-border restructuring tool
Date: 26th February, 2014
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