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The Judicial Committee of the Privy Council Decisions

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PricewaterhouseCoopers v Saad Investments Company Ltd (Bermuda) [2014] UKPC 35 (10 November 2014)

URL:

https://www.bailii.org/uk/cases/UKPC/2014/35.html

Cite as:

[2014] 1 WLR 4482,

[2014] WLR 4482,

[2014] 2 BCLC 583,

[2014] WLR(D) 475,

[2014] UKPC 35

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[2014] WLR(D) 475

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Summary Michaelmas Term

[2014] UKPC 35

Privy Council Appeal No 0114 of 2013

JUDGMENT

PricewaterhouseCoopers (Appellant) v Saad Investments Company Limited (Respondent)

From the Court of Appeal of Bermuda

before

Lord Neuberger Lord Mance Lord Clarke Lord Sumption Lord Collins

JUDGMENT GIVEN ON

10 November 2014

Heard on 29 and 30 April 2014

Appellant David Chivers QC Paul Smith Scott Pearman (Instructed by Herbert Smith Freehills LLP)

Respondent Gabriel Moss QC Felicity Toube QC Stephen Robins Rod Attride-Stirling (Instructed by Blake Morgan LLP)

LORD NEUBERGER :

The factual background

The proceedings in Bermuda

The issues on this appeal

The first issue: did the Bermuda court have jurisdiction to wind up SICL?

The second issue: can PwC oppose the section 195 order?

"The [Supreme] Court may at any time after an order for winding up, on the application either of the liquidator or the Official Receiver or any creditor or contributory and on proof to the satisfaction of the Court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and conditions as the Court thinks fit."

If such an order is made "altogether", its effect is, as Mr Moss QC for the Respondents said, effectively to rescind the winding up. Accordingly subsection (2) of section 184 empowers the Court in such a case to "make such order as it considers desirable to enable the company to be as near as practicable as it was before the winding up order was made".

Conclusion

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URL:

https://www.bailii.org/uk/cases/UKPC/2014/35.html