Re Fortuna Dev Corporation

• Jurisdiction: Cayman Islands
• Judge: (Henderson, J.)
• Judgment Date: 05 August 2005
• Court: Grand Court (Cayman Islands)
• Date: 05 August 2005

Grand Court

(Henderson, J.)

IN THE MATTER OF FORTUNA DEVELOPMENT CORPORATION

Attorneys: Maples & Calder for a shareholder and the petitioner; Appleby Spurling Hunter for the company and the respondents; Campbells for the inspectors.

Companies-administrative control of companies-inspectors-inspector”s report

Under the Companies Law (2004 Revision), s.68, an inspector”s report is admissible ‘in any legal proceeding’ in the Cayman Islands. Its purpose is to assist the court upon the hearing of a winding-up petition, or to assist the parties in their settlement talks, and it should not be used for any collateral purpose (e.g. to resolve a dispute between groups claiming to have indirect control over the shares of the company that is the subject of the report). The position is analogous to that of compulsory disclosure of documents by a party to a writ action, where the...