Re GATX Flightlease Aircraft Company Ltd

• Jurisdiction: Cayman Islands
• Judge: (Henderson, J.)
• Judgment Date: 23 June 2005
• Court: Grand Court (Cayman Islands)
• Date: 23 June 2005

Grand Court

(Henderson, J.)

IN THE MATTER OF GATX FLIGHTLEASE AIRCRAFT COMPANY LIMITED

Attorneys: Walkers for the applicant; Appleby Spurling Hunter for the respondent.

Companies-compulsory winding up-contributories

A contributory petitioning for a winding up must show that-

(1) there is likely to be a substantial surplus of assets available for distribution among the shareholders (Re Othery Construction Ltd., [1966] 1 All E.R. 145, applied; In re Harris Simons Construction Ltd., [1989] 1 W.L.R. 368, applied; Black v. Sumitomo Corp., [2003] 3 All E.R. 643, applied; In re Diamond Fuel Co. (1879), 13 Ch. D. 400, applied);

(2) it has a tangible interest in the winding up (In re Rica Gold Washing Co. (1879), 11 Ch. D. 36, applied; Deloitte & Touche A.G. v. Johnson, 1999 CILR 297, applied); and

(3) there is a probability that it will share in the surplus assets.