CLA.1994/140

IN THE HIGH COURT OF JUSTICE OF THE ISLE OF MAN COMMON LAW DIVISION SUPERIOR BUSINESS
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IN THE MATTER of Regatta Trading Limited

and

IN THE MATTER of the Petitioner of Fiscal Services Limited

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JUDGEMENT
delivered by His Honour the Acting Deemster Corrin
at Douglas on 21st July 1998

This is a Motion arising out of a Petition by Fiscal Services Limited in relation to a Manx private limited company called Regatta Trading Limited. The petition which came before the Court some years ago was an Interpleader following a dispute between two Finnish gentleman, a Mr. Holmaranta and a Mr. Lindroos. Both claimed beneficial ownership of the two issued shares in Regatta Trading Limited.

The main Petition was part heard by me in February 1996 at a two day hearing and was then adjourned sine die. Following that on the 5th of June 1996 before the further hearing of the petition was reached, one of the antagonists, Mr. Holmaranta, was declared a bankrupt in Helsinki. After that on the 25th of September 1996 two Finnish lawyers, A Mr. Heikki Leisvuori and a Mr. Lahti were appointed Trustees in bankruptcy.

It appears that following their appointment, in fact on the 15th of October 1997, the Trustees entered into a negotiated compromise of the Isle of Man proceedings by entering into a written agreement with the other contestant Mr. Lindroos. The latter paid a sum of money to the Trustees in consideration of which they agreed to withdraw from the Isle of Man proceedings thus leaving Mr. Lindroos free to obtain a declaration of ownership of the shares without opposition.