The High Court gave judgment several days ago in Munin Navigation v Petrodel: see here. The court held that it had the discretion to grant retrospection sanction for a liquidator to employ lawyers; in doing so the trial judge (His Honour Deemster Gough) called for the updating of insolvency law on the Isle of Man (at para 63):"I proffer a general comment on the archaic statutory provisions and rules which govern insolvency in the Isle of Man. These provisions are out of date, confusing and much in need of revision to accommodate the type of business the Island presently conducts and hopes to attract as it moves forward in the 21st century. It has been said before, and bears repeating, that all those who have to deal with insolvency and winding up of companies in the Isle of Man, not least the Courts, would benefit greatly from an up-to-date revision of the law in these areas, such that the Island can better cater for modern commercial practice."
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