Beacon Hill Asset Management LLC v Bullmore

• Jurisdiction: Cayman Islands
• Judge: (Smellie, C.J.)
• Judgment Date: 22 August 2005
• Court: Grand Court (Cayman Islands)
• Date: 22 August 2005

Grand Court

(Smellie, C.J.)

BEACON HILL ASSET MANAGEMENT LLC

and

BULLMORE and STENGER (as Joint Official Liquidators of BEACON HILL MASTER LIMITED)

Attorneys: Diamond Law Assocs. for the applicant; Solomon Harris for the joint official liquidators.

Companies-liquidators-appeal against decision of liquidator-leave to appeal out of time

Under the English Insolvency Rules 1986, r.4.83, an appeal by a contributory or any other creditor against the joint official liquidators” rejection of a claim in liquidation is to be made within 21 days of receiving the joint official liquidators” decision, with no provision for an appeal out of time. The granting of leave to appeal out of time is, however, within the inherent jurisdiction of the court, as the terms of r.4.83 are applicable, under the Grand Court Rules, O.102, r.17, only ‘so far as practicable,’i.e. so far as they do not result in undue hardship or injustice, which would constitute being ‘impracticable.’ The length of and reasons for the delay should be considered; the merits of the appeal may also be considered. If the delay is short and the reason for it unexceptional (e.g. the erroneous assumption of foreign legal advisers as to the requirements of Cayman law, of which they became aware only after receiving a circular from the joint official...