Representation re Anglo Irish Asset Finance

JurisdictionJersey
CourtRoyal Court
JudgeSir Philip Bailhache,Jurats Tibbo,Marett-Crosby
Judgment Date06 May 2010
Neutral Citation[2010] JRC 87
Date06 May 2010

[2010] JRC 87

ROYAL COURT

(Samedi Division)

Before:

Sir Philip Bailhache, Kt., Commissioner, and Jurats Tibbo and Marett-Crosby.

In the Matter of the Representation of Anglo Irish Asset Finance

Advocate M. L. A. Pallot for the Representor.

Authorities

In Re OT Computers Limited 2002/29.

Representation of the Governor and Company of the Bank of Ireland [2009] JRC 126.

THE COMMISSIONER:
1

This is a Representation by Anglo Irish Asset Finance Plc (“the bank”) seeking an order that this Court issue a letter of request addressed to the High Court of Justice in England and Wales. The proposed request is that the High Court should make an administration order appointing administrators to the property of St John Street Limited (“the company”). The company was incorporated in Jersey and has its registered office at Portman House, Hue Street, St Helier.

2

The short history is that the bank has lent money to the company in order to enable it to acquire and develop a substantial site at 156–176 St John's Street, London. The company defaulted on its agreements and the bank made formal demand for the repayment of £30,500,000 plus accrued interest on 3 rd April, 2009. The company was unable to pay and the bank exercised its powers to appoint receivers in respect of the property. The receivers have managed to ensure the completion or near completion of the development. They have only limited powers, however, and the bank now seeks to have administrators appointed. There is no doubt that the company is insolvent. It was unable to pay its debts as they fell due, and it is also insolvent on the balance sheet test.

3

The Court has had placed before it an affidavit sworn by Mr Richard Reuben, solicitor to the bank, and there was appended to that affidavit an opinion of English Counsel Mr Glen Davis, who is particularly experienced in this field. Both the affidavit and the opinion set out the background to the receivership and the reasons why an administration order is sought. The proposed letter of request will lay the foundation for such an order under Section 426 of the Insolvency Act 1986. We are told that Jersey is a relevant country or territory under the terms of that Act so as to confer jurisdiction upon the English Court to make such an order at our request.

4

This Court has an inherent jurisdiction to issue a letter of request in the circumstances of this Representation. Such a jurisdiction was exercised in...

To continue reading

Request your trial
3 cases
  • Siena SARL and Glengall Bridge Holdings Ltd and Newbridge (G.P.) Ltd v Newbridge (G.P.) Ltd in its capacity as General Partner of Newbridge Ltd Partnership and Linray Ltd and Omey Ltd and Gryphon Ltd
    • Jersey
    • Royal Court
    • 25 July 2015
    ...Bank Plc [2013] JRC 046. In re RBS Plc [2012] JRC 080. In re REO (Power Station) Limited [2011] JRC 232A. In re Anglo Irish Asset Finance [2010] JRC 087. HSBC Bank Plc v Tambrook (Jersey) Limited [2013] EWHC 866. Insolvency Act 1986. Companies (Jersey) Law 1991. Bankruptcy (Désastre) (Jerse......
  • Representation of RBS Plc
    • Jersey
    • Royal Court
    • 18 April 2012
    ...of the Governor and Company of the Bank of Ireland [2009] JRC 126 . In the matter of the Representation of Anglo-Irish Asset Finance [2010] JRC 087 In the matter of an application by Bank of Scotland PLC and the Governor and Company of the Bank of Ireland [2011] JRC 232A . Bankruptcy (Désas......
  • Hsbc Bank v Tambrook Jersey Ltd
    • United Kingdom
    • Chancery Division
    • 12 April 2013
    ...its assets – [2003] EWHC 1010. First Orion Amber Ltd [2009] JRC 126 ; administration gazetted 1 st July 2009. Re St John Street Limited [2010] JRC 087 ; administration gazetted 20 th May 2010. REO Powerstation Ltd [2011] JRC 232A ; administration gazetted 19 th December 2011 Re Control Cent......
2 firm's commentaries
  • Cross Border Insolvency Remedies In Jersey
    • Jersey
    • Mondaq Jersey
    • 25 February 2013
    ...of this nature have been received by the Royal Court on a number of occasions in recent years (see for example Anglo Irish Asset Finance [2010] JRC 087; The Governor and Company of the Bank of Ireland [2009] JRC 126; and; OT Companies Limited 2002/29 (31 January Procedurally, the applicatio......
  • Administration Orders - Letters of Request to the UK Court
    • Jersey
    • Mondaq Jersey
    • 8 July 2010
    ...the matter of the representation of Anglo Irish Asset Finance [2010] JRC087 This is the latest decision of the Royal Court in relation to an application by a UK creditor (a bank) for a letter of request to be issued to the English High Court requesting that an administration order be made i......

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT