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Insolvency, International / offshoreMonday 17 February 2025

Supreme Court of Gibraltar hands down judgment in Kijani Ratio (in liquidation) v Fagan and ors

Daniel Lewis acted for the Liquidators (Edgar Lavarello and Simon Conway of PwC), together with Nick Cruz and Kayleigh-Anne Revagliatte of Ellul & Cruz, securing judgment at trial for £62 million (judgment or settlement having already been obtained against the other Respondents).  The claim was brought against the former directors of a Gibraltar collective investment scheme, for misapplying funds under their control to their own benefit, including the purchase of two yachts.  The Respondent’s attempts to adjourn the trial were unsuccessful following which he did not participate further.  This is the first judgment at trial in Gibraltar on claims under section 259 of the Insolvency Act 2011 (fraudulent trading) and section 260 (insolvent trading, equivalent to wrongful trading).

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