ARTICLE
26 January 2021

Worldwide Enforcement Effort Allows Jersey Royal Court To Hand Down Landmark Judgment On The Use Of Court-Appointed Receiverships

CC
Collas Crill

Contributor

Collas Crill is an offshore law firm with offices in BVI, Cayman, Guernsey, Jersey and London.

We deliver a comprehensive range of legal services to clients locally and globally in four broad practice areas: Financial Services and Regulatory; Insolvency and Corporate Disputes; Private Client and Trusts; and Real Estate.

Clients include some of the world’s leading financial institutions, international businesses, trusts and funds, as well as high-net-worth individuals and families across the globe. We continue to build a network of independent and trusted partners around the world including the Caribbean, the Channel Islands, the UK, Europe, the US, the Middle East, South Africa and Asia.

On 18 January 2021, the Royal Court of Jersey handed down a judgment which materially contributes to the use of court-appointed receiverships in the Island.
Jersey Litigation, Mediation & Arbitration

On 18 January 2021, the Royal Court of Jersey handed down a judgment which materially contributes to the use of court-appointed receiverships in the Island.

In what is believed to be a first, Collas Crill successfully applied for the appointment of Alan Roberts and James Toynton of Grant Thornton (together, the Receivers), in order to recover the sums due under a promissory note, with a face value in excess of €52,000,000 as part of the well-publicised Crociani saga.

The Receivers' appointment led to a world-wide enforcement effort, with the Receivers coordinating cross-border legal actions and carrying out investigative and forensic accounting work in the Netherlands, Mauritius, Italy and Luxembourg. Ultimately, the matter settled following the Royal Court's approval of a confidential agreement. 

In his welcome judgment, the Learned Commissioner, Sir Michael Birt, confirmed the Royal Court's inherent jurisdiction to appoint receivers:

"…as part of its armoury in relation to ensuring, so far as possible, that its judgments are enforced and executed."

Advocate Sam Williams, a Group Partner in Collas Crill's Jersey office, brought the novel successful application to appoint the Receivers.

Advocate Simon Hurry, also a Group Partner in the firm's Jersey office, acted on behalf of the Receivers in connection with the world-wide enforcement and recovery proceedings.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More