CHANCERY DIVISION
COMPANIES COURT
B e f o r e :
AND IN THE MATTER OF THE INSOLVENCY ACT 1986
B E T W E E N
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STOCZNIA GDANSKA S.A. | Applicant | |
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LATREEFERS INC | Respondent |
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instructed by Ince & Co. for the Applicant
Mr. Martin Pascoe and Miss Karen Maxwell
instructed by Lawrence Graham for the Respondent
Hearing dates: 9, 10 and 21 December 1998
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Crown Copyright ©
Mr. Justice Lloyd,
Latreefers
Latreefers - its incorporation and management
The issues
Jurisdiction to wind up Latreefers as a foreign company
"As a matter of general principle, our courts would not assume, and Parliament should not be taken to have intended to confer, jurisdiction over matters which naturally and properly lie within the competence of the courts of other countries. There must be assets here to administer and persons subject, or at least submitting, to the jurisdiction who are concerned or interested in the proper distribution of those assets."
(1) There must be a sufficient connection with England and Wales which may, but does not necessarily have to, consist of assets within the jurisdiction.
(2) There must be a reasonable possibility, if a winding-up order is made, of benefit to those applying for the winding-up order.
(3) One or more persons interested in the distribution of assets of the company must be persons over whom the court can exercise a jurisdiction.
Sufficient connection with England and Wales
Mr. Moss Q.C. for the Yard points to the following connections.
Reasonable possibility of benefit if the company is wound up
Persons interested in the distribution of assets subject to the court's jurisdiction
Discretionary factors - Re Bayoil S.A.
"I should add that the Plaintiff does not accept the valuation of each vessel at US$20 million which Latco obtained from RS Platou. The Plaintiff considers that they are worth a minimum of US$27 million second hand."
On that basis Mr. Pascoe submitted that the Yard's own figure suggested a value of $54 million, whereas they were sold for $45 million. That he said showed a basis for a claim of $9 million.
Discretionary factors - stifling the counterclaim
Provisional liquidator
Conclusion