On 18 January 2021, the Royal Court of Jersey handed down a judgment which materially contributes to the use of court-appointed receiverships in the Island.
In what is believed to be a first, Collas Crill successfully applied for the appointment of Alan Roberts and James Toynton of Grant Thornton (together, the Receivers), in order to recover the sums due under a promissory note, with a face value in excess of €52,000,000 as part of the well-publicised Crociani saga.
The Receivers’ appointment led to a world-wide enforcement effort, with the Receivers coordinating cross-border legal actions and carrying out investigative and forensic accounting work in the Netherlands, Mauritius, Italy and Luxembourg. Ultimately, the matter settled following the Royal Court’s approval of a confidential agreement.
In his welcome judgment, the Learned Commissioner, Sir Michael Birt, confirmed the Royal Court’s inherent jurisdiction to appoint receivers:
“…as part of its armoury in relation to ensuring, so far as possible, that its judgments are enforced and executed.”
Advocate Sam Williams brought the novel successful application to appoint the Receivers.
Advocate Simon Hurry acted on behalf of the Receivers in connection with the world-wide enforcement and recovery proceedings.
A more detailed note on the use of receiverships in Jersey to follow.