National Social Security Authority v Capital Bank Corporation Limited and 22 Others

Key Issues

• {"issue_text":"Whether the High Court has jurisdiction to wind up a former banking institution without Reserve Bank consent under s 57(2) of the Banking Act","issue_type":"procedural","dispositive":"yes","related_facts":"Bank's license was cancelled and it was deregistered; Reserve Bank accepted surrender of license"}
• {"issue_text":"Whether the provisional winding-up order had lapsed and was still valid for confirmation","issue_type":"procedural","dispositive":"no","related_facts":"Provisional order granted on 30 January 2019; confirmation proceedings commenced later"}
• {"issue_text":"Whether NSSA has locus standi to bring winding-up proceedings without board resolution","issue_type":"procedural","dispositive":"no","related_facts":"No board resolution but shareholders' resolution exists; NSSA is main contributory"}
• {"issue_text":"Whether the company should be finally wound up given its financial state","issue_type":"mixed","dispositive":"yes","related_facts":"Company insolvent, not trading, no prospects of recovery"}

Background