Grounds for winding up/bankruptcy
Many offshore jurisdictions have dug into the foundations of
proposed winding-up petitions to determine if a winding-up is
indeed appropriate. In Guernsey in In the matter of Canargo
Limited, the Royal Court heard what is understood to be the
first application in Guernsey to seek to place a company into
liquidation, for failure to provide a member of the company with a
set of accounts, in accordance with the provisions of section 251
of the Companies (Guernsey) Law, 2008, as amended.
The applicant was a registered owner of 25% of the issued share
capital in Canargo Limited which was beneficially owned by a Mr
Isaak (a former director who was removed against his will). The
other 75% of the share capital was held directly or indirectly by
or on behalf of Mr Ramsay, who was the sole director of the
company. Mr Ramsay failed to provide evidence to contest the
hearing nor did he attend. As such, the court was not provided with
any
