response to that letter. The Court has been informed that last week, that is in July 1998, Mr. Holmaranta paid over 10,000 US dollars to the Trustees in bankruptcy which they consider to be far too late and an indication has been given to the Court that the money will be returned to Mr. Holmaranta."

[d] In the light of those findings of fact, he accepted the opinion of Professor Majamaa that -

[1] "this has been a case of normal realisation of the property in a bankrupt's estate: against consideration, the bankrupt's, estate has abandoned the dispute related to the ownership of the share"

[2] the bankrupt's estate was authorised by the creditors' meeting to make such agreement.

[3] "Lauri Antero Holmaranta has not provided any collateral security although the meeting of the creditors did offer him such possibility. Neither did Mr Holmaranta provide any security at a later stage, although, according to the law, providing such security at the meeting of. the creditors is an absolute condition for obtaining the right of action in, the case. ... Mr. Lauri Antero Holmaranta therefore has no right to present himself as a party in the said case."

[4] "the bankrupt's estate has abandoned the dispute related to the shares in a final manner which is binding to Mr. Holmaranta, to the benefit of Mr. Kari E. Lindroos for the price ordered by the bankrupt's estate, and Mr. Holmaranta has therefore no right to carry on in his own name the respective dispute initiated by him."

[e] Accordingly Acting Deemster Corrin concluded that the compromise reached between the Respondent and the Trustees was binding on the Appellant and he ordered [inter alia] that -

[1] the Appellant had no locus standi to appear at any hearing in relation to the Petition;

[21 pursuant to the agreement between the Respondent and the Trustees, the Respondent was the beneficial owner of the issued share capital of Regatta.