On 1 July 2020, the Administrators sought declarations from the Supreme Court of Gibraltar (the Court) on the operation of certain provisions in the Gibraltar Insolvency Act 2011 (the Act) which determine the manner in which the sums due from each party to the other will be calculated and, specifically, how sums due from one party are to be set-off against the sums due from the other party. In a judgment dated 9 July 2020, the Court held that:
The Court has also provided that each creditor and debtor of the Company is able to apply to the Court to challenge those declarations.
The Court's judgment is here: Link
The Court’s order is here: Link