Singularis Holdings: 10 Years' Later

In 2013, the Caymanian liquidators of Singularis Holdings Limited (“SHL”) sought information from PwC – the former auditor of SHL – by way of ex parte  summons, which was granted. PwC applied to set aside the order on two grounds:

1. The Bermuda Court's common law jurisdiction was not equivalent to the statutory powers of the Bermuda Court under the Companies Act 1981; and
2. that the Bermuda Court should not exercise any common law jurisdiction that would exceed the jurisdiction of the Grand Court of the Cayman Islands (Bermuda's statutory power was broader than the equivalent provision in Cayman).

PwC's application was refused. PwC appealed to the Court of Appeal and succeeded in having the Supreme Court's order set aside on the arguments above. Singularis appealed to the Privy Council, and in November 2014, the Board handed down their judgment: Singularis Holdings Limited v PricewaterhouseCoopers [2015] AC 1675 (Singularis).