The Insolvency Act 2003

The Insolvency Rules 2005

Originating Application
(Company)
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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:
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j Blakur Company Inc.
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: 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'''''''''
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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
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)
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
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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
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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