Notice: We are currently performing maintenance to improve the italaw platform. The site remains fully accessible. Thank you for your patience.

GBC Oil v. Albania, Order of the Grand Court of the Cayman Islands, June 23, 2023

23 Jun 2023
GBC Oil Company Ltd. v. Albania, Albpetrol, ICC Case No. 22676/GR
View case details
Order of the Grand Court of the Cayman Islands
Document Details:
LISTED PARTICIPANTS
Order of the Grand Court of the Cayman Islands
Participants listed are for this document only and may not include all participants involved in the entire case. Always consult the original documents.
Claimant appointee
Respondent appointee
Tribunal/Panel chair
Arbitrator(s)
Sole Arbitrator
ICSID Annulment Committee president
ICSID Annulment Committee members
WTO Appellate Body members
WTO Appellate Body chair
Judges
Nicholas Segal
Claimant's counsel
Claimant's law firm
Respondent's counsel
Respondent's law firm
Other counsel
Claimant's expert
Claimant's expert firm
Respondent's expert
Respondent's expert firm
Claimant's witness
Respondent's witness
Other witnesses
Tribunal secretary
Tribunal assistant
Third-party funder
Entities
Alvarez & Marsal, Campbells, Omni Bridgeway Limited, Albania
Country
Cayman Islands
Print reporter
Document Summary
Order of the Grand Court of the Cayman Islands
This summary note is machine-generated. Always consult the original materials.

Procedural Background

This document is an Order issued by the Grand Court of the Cayman Islands (Financial Services Division) on June 23, 2023, in the official liquidation proceedings of GBC Oil Company Ltd. The Order resolves a summons filed by the Joint Official Liquidators (JOLs) from Alvarez & Marsal, seeking judicial sanction for specific administrative and contractual actions related to the winding up of the company.

Court's Directions and Operative Relief

Upon reviewing the supporting affidavits and hearing counsel for the JOLs, Justice Segal granted the requested relief in its entirety. The Court dispensed with the statutory requirement under CWR O.9 r.1(1) to form a liquidation committee. Furthermore, the Court sanctioned the JOLs' entry into an Assignment Agreement and a Termination and Release Agreement with Omni Bridgeway, effectively transferring the company's rights, title, and interest in defined claims to the third-party funder.

In its dispositive directions, the Court ordered the dissolution of GBC Oil Company Ltd. pursuant to Section 152 of the Companies Act, effective fourteen days from the date of the Order. The Court further directed that the company's books, records, and the JOLs' liquidation files be preserved for a period of three years post-dissolution prior to destruction. No order was made as to costs.