Guernsey Judgment 3/2009 - Flightlease Holdings (Guernsey) v Flightlease Holdings (Ireland)

View printable version

Companies (Guernsey) Law, 2008 - both parties are in voluntary liquidation - effect of Plaintiff's claims for indemnity in respect of liability under guarantees relating to the Defendant's liability to third party creditors - the rule in Cherry v Boultbee ("the fund ascertainment principle") - review of statutory provisions for liquidation of companies in Guernsey - rule against double-proof - law of set-off in Guernsey and pre-Napoleonic France - law of set-off in Jersey and in Scotland - adoption by Guernsey Law of English equitable principles in appropriate cases - the fund ascertainment principle is to be applied in the circumstances of the present case - ordered that no dividend be paid in the liquidation of the Plaintiff in respect of the Defendant's agreed claim