Re Freerider Ltd

• Jurisdiction: Cayman Islands
• Judge: (Foster, J.)
• Judgment Date: 16 December 2010
• Date: 16 December 2010
• Court: Grand Court (Cayman Islands)

Grand Court

(Foster, J.)

IN THE MATTER OF FREERIDER LIMITED

Attorneys: Appleby for the petitioner; Turner & Roulstone for the respondent; Maples & Calder for the liquidators; Campbells for the GCF Group.

Companies-compulsory winding up-contributories

A winding-up order was made and official liquidators appointed in respect of a company established as a quasi-partnership between two contributories, Mr. Heinen and Mr. Le Comte. Subsequently, Mr. Le Comte, purporting to act on behalf of the company, entered into promissory notes with 733 Properties providing inter alia for the grant by the company of security over all of its assets. 733 Properties then assigned its rights to the GCF Group. In July 2009, Mr. Heinen applied for a declaration that the promissory notes and the security were void. In August 2009, the liquidators brought a summons seeking substantially the same relief. Following this, Mr. Heinen did not proceed with his own application, instead actively...