The document is an originating application filed in the Eastern Caribbean Supreme Court seeking the appointment of a liquidator for Blakur Company Inc. under the Insolvency Act 2003. It summarizes that Blakur failed to pay EUR 5,000,000 for shares it purchased, despite a statutory demand for payment. As Blakur is unable to pay its debts, the applicant argues it is insolvent and a liquidator should be appointed to oversee the liquidation process. The court date is set for the appointment hearing.
The document is an originating application filed in the Eastern Caribbean Supreme Court seeking the appointment of a liquidator for Blakur Company Inc. under the Insolvency Act 2003. It summarizes that Blakur failed to pay EUR 5,000,000 for shares it purchased, despite a statutory demand for payment. As Blakur is unable to pay its debts, the applicant argues it is insolvent and a liquidator should be appointed to oversee the liquidation process. The court date is set for the appointment hearing.
The document is an originating application filed in the Eastern Caribbean Supreme Court seeking the appointment of a liquidator for Blakur Company Inc. under the Insolvency Act 2003. It summarizes that Blakur failed to pay EUR 5,000,000 for shares it purchased, despite a statutory demand for payment. As Blakur is unable to pay its debts, the applicant argues it is insolvent and a liquidator should be appointed to oversee the liquidation process. The court date is set for the appointment hearing.
Originating Application (Company) " ,J,',!,)1,' . . ' i . ~ EASTERN CARIBBEAN SUPREME COURT THE HIGH COURT OF JUSTICE 'W'U'.LYUYJ;L;,J,'U .. ,'rLL DIVISION BVIHC (COM) 2011 OKEANB.V. BLAKUR COMPANY INC. THE MA TTER OF: \ \ j Blakur Company Inc. , '
: AND , In the Matter of Section 162(t)(a) of the Insolven Act, 2003 For Court U5e Only This application will be heard b ,he aster/Judge at Form R14A on the 3) !I1'dayot C J ~ 2011/0#t o'clock If you do not attend at the time shown the Court may make an order in your absence. , Conyers Dill & Pearman on behalf of the Applicant intends to apply to the Court under section 162(1)(a) of the Insolvency Act, 2003 for an order that 1) Mr. Russell Crumpler of KPMG (BVI) Limited, a licensed insolvency practitioner under the BVI Insolvency Act 2003 ( the Act"), be appointed as liquidator of Blakur Company Inc. ("the Company"), pursuant to the Act. l ascertained or not c) Power to compromise, on such terms as may be ~ l c t : : u calls and liabilities to debts and liabilities capable of resulting in debts, and claims, whether present or future, certain . or contingent, ascertained or not subsisting or supposed to . and and (iii)questions in any way relating to or affecting the assets or the liquidation of the company; and take security for the discharge of any such call, debt, liability or claim and a complete discharge in respect of it d) Power to commence, mntinue, discontinue or defend any action or other legal in the name and on behalf the company< e) Power to carryon business of the company so far as may be nClcessarv for its beneficial liquidation. dispose of property of the company. Power to do all acts and in the name and on behalf of the rC1Cclots or other document h) to use the r> .... fYlr''''''''' 2 Power to borrow company or otherwise, whether on the the assets of the 1) Power to take out in his official name letters of administration to any deceased member or past member or debtor, and to do any other act necessary for obtaining payment of any money due from a member or past member or debtor, or his estate, that cannot conveniently be done in the name of the company. For the purpose of enabling the liquidator to take out letters administration or do any other act under this paragraph, to be due to the liquidator himself. n) Power to call meetings of creditors or members for (i) the purpose of informing creditors or members concerning the progress of or matters arising in the Iiquidationi (Ii) the purpose of ascertarning the views of creditors or members on any matter arising in the liquidation; or (iii) such other purpose cOlmected with the liquidation as the liquidator considers fit 0) Power to appoint a solicitor, accountant or other professionally qualified to assist in the his p) Power to appoint an do any is to do can be more an A draft of the order sought is attached. grounds of this application may be summarized as follows: 1. The Company was in the BVl on 21 January 2010 under the BVI Business Companies 2004 under registration number 1567563. The registered the Company is at the offices Morgan & Trust Corporation Limited, Pasea tOW'l1, TodoIa, British Virgin Islands. The nominal share capital of the Company is 10,000 no par value shares of a single dass and value. 2. By written agreement dated 26 February 2011 ("the Sale and Purchase Agreement U ) the Applicant, as seller, and the Company, as Purchaser, agreed that the Company would purchase 137,102,938 (one hundred and thirty seven million one hundred and two thousand nine hundred and thirty eight, ordinary registered shares of Open Joint Stock Company Waden Yards Ocean (lithe Shares") from the Applicant. 3. Under 1.1 of the and Purchase Agreement the Purchase Price under the EUR 5,000 / 000. 4, 2.1 of Ule Sale and Purchase Agreement provided that subject to fhe terms of the agreement, the Applicant would the Shares to the Company, the 4 The Company entire sum of failed to pay the Purchase or 5,000,000 remains due and owing to the Applicant. were not and the 10. The Company is therefore indebted to the Applicant in the aforementioned amount as at the date of this demand. 11. On 12 August 2011 the Applicant caused to be served on the Company a statutory demand in the prescribed form demanding payment of the said sum of EUR 5,000,000 . 12. As at the date of filing this application the said demand remains unsatisfied in whole, and no application has been filed seeking to set aside demand. 13. In 61C premises! the Company is insolvent! by reason of Section 8(1)(a) and/or Section 8(1)(c)(U). 14. In the circumstances, it is just and convenient that a liquidator should be appointed to the Company. names and addresses of the persons on whom it js intended to serve the application are as follows: Blakur Company Inc., clo Morgan &: Morgan, Pase-a Estate! Road Town, Tortora, British Virgin Islands, VGIII0. Same as above 5 Per: "'" , ..... J}".1..-.I .. ~ ' 7 " " " " ' ' ' ' ' ' ' ' Richard G Evans . Legal Practitioners for the Applicant The Insolvency Ad 2003 The Insolvency Rules 2005 THE EASTElli"l CARIBBEAN SUPREME IN THE HIGH COURT OF JUSTICE I VIRGIN ISLANDS I COMMERCIAl. DIVISION j Matter No: Bvrne (COM) of 2011 I I AppHcant: OKEAN B.V.' IN THE MA TIER OF: BLAKUR COMPANY INC.) AND In the Matter of section 162(1)(a) of the Insolvency I Act, 2003 om & Pearman Practitioners for the Applicant
A Short View of the Laws Now Subsisting with Respect to the Powers of the East India Company
To Borrow Money under their Seal, and to Incur Debts in
the Course of their Trade, by the Purchase of Goods on
Credit, and by Freighting Ships or other Mercantile
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