When urgent matters arise, the Isle of Man Courts offer quick access to litigants where the case demands it.
On Tuesday afternoon, we appeared for the Joint Liquidators of a company in creditors voluntary liquidation to successfully resist an application (filed over the weekend), seeking to prevent a creditors meeting from taking place on Wednesday morning.
The applicant wanted the creditors meeting to be deferred pending the outcome of its ongoing proceedings challenging the rejection of its proof of debt.
The Court determined that the applicant was not a creditor and therefore lacked standing to make the application. Further that even if standing were established it would not be just or convenient to restrain the meeting; the liquidators were under a statutory duty to call meetings where the winding up continues beyond one year, and it was considered beneficial for creditors and contributories to receive an update and to raise questions directly with the liquidators.
The Court also confirmed that it does not possess a general supervisory jurisdiction over voluntary liquidations, which remain primarily matters for liquidators, creditors and contributories within the statutory framework established by Tynwald.
https://www.judgments.im/content/Judgment%20130126%20extempore.pdf
