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Nektan (Gibraltar) Limited was incorporated in Gibraltar. Its primary business was providing online gambling platforms to customers to businesses and individual players. These business activities led to tax liabilities to HMRC for remote gaming duty, which had increased from 15% to 21% on 1 April 2019, and the tax burden gave rise to a proposed restructuring involving an administration of the company.
Did a company incorporated in Gibraltar fall within the definition of ‘company’ in paragraph 111 of Schedule B1 to the Insolvency Act 1986 (IA 1986) such that the court has jurisdiction to make an administration order in England?
Falk J concluded that it did, and that it was appropriate to make an administration order on the basis that the centre of main interests (COMI) was in the UK, to the extent that was relevant, and found jurisdiction on that basis. Falk J added as obiter that the English court would still have had jurisdiction even if the COMI had been in Gibraltar.
Written by Robert Paterson, partner at Moon Beever LLP.
Re Nektan (Gibraltar) Ltd  EWHC 65 (Ch),  All ER (D) 53 (Jan)
The High Court’s ruling confirms for the first time that:
The Nektan case is therefore significant for two reasons:
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