Northern Investments (Wrexham) Ltd

• Jurisdiction: Jersey
• Court: Royal Court
• Judge: Bailiff
• Judgment Date: 07 October 2015
• Neutral Citation: [2015] JRC 207
• Date: 07 October 2015

[2015] JRC 207

ROYAL COURT

(Samedi)

Before:

T. J. Le Cocq, Esq., DeputyBailiff, andJurats OlsenandRamsden

In The Matter of Northern Investments (Wrexham) Limited

And In The Matter of Artice 213 of the Companies (Jersey) Law 1991, as Amended

Representation of AIB Group (Uk) Limited

Advocate J. D. Garrood for the Representor.

Authorities

Insolvency Act 1986.

Companies (Jersey) Law 1991.

In the matter of the Representation of Al Muthana Investment Company and Others .

Representation of HSBC Bank Plc [2013] JRC 046 .

In the matter of Alard Investments Limited [2015] JRC 137 .

Companies — reasons for making an order for the company to be reinstated.

Bailiff

THE DEPUTY

1 On 2 ^nd September, 2015, we made an order on the Representation of AIB Group (UK) Plc (“the Representor”) to the effect that the company Northern Investments (Wrexham) Limited (“Northern Investments”) should be reinstated and that this Court should issue a letter of request to the High Court of England and Wales for the making of an administration order pursuant to the Insolvency Act 1986 in respect of Northern Investments. At that time we indicated that we would give brief reasons for our decision subsequently. We now do so.

The factual background

2 The Representor is a commercial lender and Northern Investments is a company incorporated in Jersey. In 2009 the Representor advanced a facility to Northern Investments in the sum of £2,430,000. Northern Investments defaulted on the repayment under that facility and at the date of the Representation the total outstanding was £2,312,737.41 principal plus accrued interest of £246,062.78.

3 As far as the Representor can ascertain Northern Investments' sole business was the ownership of commercial property in Wrexham, Wales (“the Property”) and the Property represents the sole asset of Northern Investments. The value of the Property is estimated in general terms to be £500,000.

4 Northern Investments was dissolved on 1 ^st October, 2013, pursuant to the provisions of Article 205 of the Companies (Jersey) Law 1991 (“the Law”).

5 Accordingly the Representor seeks an order from this Court for the reinstatement of Northern Investments pursuant to Article 213 of the Law in order that it can seek to recover so far as is possible some of the amount due to it. Furthermore, as the assets of the company appear to comprise the Property and nothing more the Representor also seeks an order that this Court issue a letter of request to the High Court in England and Wales asking for the appointment of administrators in respect of Northern Investments pursuant to Schedule B1 of the English Insolvency Act 1986 (“the Act”).

6 On the date on which the company was dissolved the sole shareholder appears to be Mr André Zolty of 8C Avenue des Champet 1206, Geneva Switzerland in his capacity as the trustee of the Shefa Trust; the registered office of Northern Investments which had previously been at 41 The Parade, St Helier, Jersey had ceased to exist and the company had no registered office; the sole director of the company was Mr Jesse Grant Hester and the secretary of the company was Mr Steven Kelly.

7 The matter was first presented before this Court on 14 ^th August, 2015, and on that date the Court amongst other things ordered that Mr Zolty should be served out of the jurisdiction by ordinary post and by email; that Mr Hester and Mr Kelly be served by service at First...