Re ICO Global Communications (Holdings) Ltd

JurisdictionBermuda
Judgment Date26 November 1999
Date26 November 1999
Docket NumberCivil Jurisdiction 1999 No. 288
CourtSupreme 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 5th 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 30th 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 30th October 1999.

  • e. An order for the discharge or variation of the Order dated 27th 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application for an injunction, no undertaking as to damages was given and on objection being taken the application was withdrawn.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 that the judge had no jurisdiction to make the Order of 27th August 1999 and that the Order failed to provide protection for creditors and contributories. Further, that no scheme of arrangement had been distributed and no meetings of creditors and contributories had been held under the supervision of the Bermuda Courts. It was further argued that as the company is a Bermuda company, the Bermuda Court should have primacy in the winding-up proceedings.

4. On the basis of the affidavit evidence before me I am satisfied that at the time of the filing of the Summons on 5th November 1999, Satfonico Investments SA was not a registered shareholder of the company and as such had no right to present the application and be heard. (Section 65(7) Companies Act 191 as read...

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17 cases
  • Constellation Overseas Ltd
    • British Virgin Islands
    • High Court (British Virgin Islands)
    • 5 Febrero 2019
    ...courts' provisional liquidation restructuring jurisdiction was laid in the case of Re ICO Global Communications (Holdings) Limited [1999] Bda L.R. 69. 14 A Bermudan company applied for JPLs to be appointed over itself on the same day as it filed for Chapter 11 protection in the US in order ......
  • Re Constellation Overseas Ltd et Al
    • British Virgin Islands
    • High Court (British Virgin Islands)
    • 5 Febrero 2019
    ...courts' provisional liquidation restructuring jurisdiction was laid in the case of Re ICO Global Communications (Holdings) Limited [1999] Bda L.R. 69. 14 A Bermudan company applied for JPLs to be appointed over itself on the same day as it filed for Chapter 11 protection in the US in order ......
  • Agritrade Resources Ltd
    • Bermuda
    • Supreme Court (Bermuda)
    • 17 Junio 2020
    ...in aid of restructuring a Bermuda incorporated company is now well established. In 1999 in Re ICO Global Communications Holdings Ltd [1999] Bda LR 69, counsel was able to submit that a Bermuda Court had no jurisdiction to appoint provisional liquidators with “soft touch” powers in aid of a ......
  • Re Agritrade Resources Ltd
    • Bermuda
    • Supreme Court (Bermuda)
    • 17 Junio 2020
    ...cases were referred to in the judgment: Raswant v Centaur Ventures Ltd [2019] Bda LR 67 Re ICO Global Communications Holdings Ltd [1999] Bda LR 69 Re Up Energy Development Group Ltd [2016] Bda LR 94 IM Skaugen [2018] SGHC 259 In re Contract Corporation (Gooch'sCase) (1871–2) 7 Ch App 207 Fi......
  • Request a trial to view additional results
3 books & journal articles
  • Table of Cases
    • United Kingdom
    • Wildy Simmonds & Hill Offshore Commercial Law in Bermuda - Second Edition Preliminary Sections
    • 30 Agosto 2018
    ...of the West Midlands Police [1982] AC 529, [1981] 3 WLR 906, [1981] 3 All ER 727, HL 23.86 ICO Global Communications (Holdings) Ltd, Re [1999] Bda LR 69, Sup Ct of Bermuda 12.12, 24.72 Industrial Equity (Pacific) Ltd, Re [1991] 2 HKLR 614 10.20 Integra Group, In the Matter of [2016] 1 CILR ......
  • Common Law Judicial Cooperation in Cross-border Insolvency Cases in the British Atlantic and Caribbean World
    • United Kingdom
    • Wildy Simmonds & Hill Offshore Commercial Law in Bermuda - Second Edition Part IV. Relations with the onshore world
    • 30 Agosto 2018
    ...joint provisional liquidators are officers of this Court who submit confidential Reports 63 Re ICO Global Communications (Holdings) Ltd [1999] Bda LR 69. informing the court of progress being made in the liquidation from time to time. I am satisfied that proceedings in many jurisdictions re......
  • Specialist Commercial Courts and the Development of Offshore Commercial Law
    • United Kingdom
    • Wildy Simmonds & Hill Offshore Commercial Law in Bermuda - Second Edition Part III. Commercial dispute resolution
    • 30 Agosto 2018
    ...pointed out the need to ‘[c]reate a commercial court or designate a full-time dedicated 10 Re ICO Global Communications (Holdings) Ltd [1999] Bda LR 69. 11 This section is taken from an earlier paper by the writer, ‘Managing International Commercial Litigation in an Increasingly Globalised ......

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