An application brought to Grand Court by the Jamaican Financial Services Commission seeking to revoke the Court’s April order appointing Joint Provisional Liquidators for the collapsed insurer Dyoll was dismissed last week.
The application argued that the Grand Court of the Cayman Islands did not have jurisdiction to make the liquidation order with regard to the Jamaican-based Dyoll.
Diamond Law Associates, which acted for the petitioning creditor in the liquidation proceedings, said Justice Prya Levers saw it differently.
‘Upon hearing from all interested parties , including the Petitioning Creditor, the Joint Provisional Liquidators, the Jamaican Financial Services Commission and the Cayman Islands Monetary Authority, the learned judge concluded that the Grand Court had jurisdiction to make the Order appointing the JPL’s,’ the firm said in a press release.
‘The challenge was made on the basis that Dyoll was not a company formed and registered as required under the Companies Law of the Cayman Islands.
‘This argument was rejected by the judge who concluded that the submission was flawed,’ the press release stated.
‘Justice Levers then analyzed the meaning of the relevant sections and concluded that the Law clearly recognized the distinction between formation and registration of companies.
‘Therefore upon the issuance of the certificate of registration, a foreign (company) is duly formed, and then registered, in the Cayman Islands under the Companies Law.
The application was dismissed with costs to be paid by the Jamaican Financial Services Commission.
Diamond Law Associates instructed Stephen Hall-Jones to act in the case.