2DS1998/32

IN THE HIGH COURT OF JUSTICE OF THE ISLE OF MAN STAFF OF GOVERNMENT DIVISION
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IN THE MATTER OF REGATTA TRADING LIMITED and IN THE MATTER OF THE PETITION OF FISCAL SERVICES LIMITED

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BETWEEN

LAURI ANTERO HOLMARANTA - Appellant

and

KARL LINDROOS - Respondent

JUDGMENT

By a Petition dated 14th July 1994 Fiscal Services Limited, who provided statutory administration services to Regatta Trading limited ["Regatta"], applied to the Court pursuant to Order 1OA of the Rules of Court as to the beneficial ownership of the two issued shares in Regatta held by nominees of Fiscal Services Limited. Both Lauri Antero Holmaranta ["the Appellant] and Karl Lindroos ["the Respondent"] filed Answers to the Petition claiming beneficial ownership in such shares and the matter was set down for hearing to determine who was entitled to the beneficial ownership of such shares. On 5th June 1996, and before the conclusion of that hearing, the Appellant was declared bankrupt in Finland and thereafter on 15th April 1998 the Respondent applied to the Court, by way of notice of motion, that the Court should determine, as a preliminary point, whether the Appellant had any locus standi to appear at the hearing of the Petition.