Re ICO Global Communications (Holdings) Ltd

• Jurisdiction: Bermuda
• Judgment Date: 26 November 1999
• Date: 26 November 1999
• Docket Number: Civil Jurisdiction 1999 No. 288
• Court: Supreme Court (Bermuda)

In the Supreme Court of Bermuda

Civil Jurisdiction 1999 No. 288

Re ICO Global Communications (Holdings) Limited

Mr N Hargun and Mrs R Mayor for the Applicant

Mr R Attride-Stirling and Ms K George for Satfonico

Mr D Kessaram for the Joint Provisional Liquidators

The following cases were referred to in the judgment:

Barclays Bank plc v HomanUNK [1993] BCLC 680

Cross-border insolvency — Cooperation with courts in other jurisdictions

RULING of Ward, CJ

1. By Summons dated 5^th November 1999, Satfonico Investments SA which described itself as a shareholder of ICO Global Communications (Holdings) Limited, and His Royal Highness Prince Moulay Omar Cherkaoui of the Kingdom of Morocco, a director of the company applied for:-

• a. A declaration that the proceedings at the Board Meeting of ICO held on 30^th October 1999 at the Hilton Amsterdam Airport Schipol and all resolutions purportedly passed at the said meeting are invalid and of no effect.

• b. An injunction restraining ICO, its agents or the joint provisional liquidators from taking any action to give effect to any of the resolutions purportedly passed at the said meeting.

• c. An order restoring the company to the position it was in before the said meeting.

• d. An order for the convening of a further meeting to reconsider the matters on the agenda at the meeting of 30^th October 1999.

• e. An order for the discharge or variation of the Order dated 27^th August 1999 and that directions be given regarding the conduct of the provisional liquidation.

2. As regards the application for an injunction, no undertaking as to damages was given and on objection being taken the application was withdrawn.

3. It was submitted...