Griesel v Grand Cay Devs Ltd

• Jurisdiction: Cayman Islands
• Judge: (Zacca, P., Taylor and Forte, JJ.A.)
• Judgment Date: 21 October 2005
• Date: 21 October 2005
• Court: Court of Appeal (Cayman Islands)

Court of Appeal

(Zacca, P., Taylor and Forte, JJ.A.)

C. GRIESEL, P. GRIESEL and GRAND CAY INVESTMENTS LIMITED

and

GRAND CAY DEVELOPMENTS LIMITED (in liquidation)

Attorneys: Campbells for the appellants; Myers & Alberga for the respondent.

Companies-directors-breach of fiduciary duty-security for costs

That an action against directors of a company in respect of their alleged breaches of fiduciary duty and misappropriation is brought at the instance of liquidators performing statutory duties is not in itself sufficient to justify a refusal to order that security for costs be given by the liquidators. Such an order may, however, be properly denied on the basis that the lack of available assets has been brought about by the directors” failure to manage the company properly (Sir Lindsay Parkinson & Co. Ltd. v. Triplan Ltd., [1973] Q.B. 609...