The Supreme Court of Canada’s Decision in Orphan Well Association v. Grant Thornton Ltd.
A recent decision of Justice Watt of the Ontario Court of Appeal definitively answers the question of which appeal procedure must be followed in appeals of Orders made in proceedings constituted under both the Bankruptcy and Insolvency Act (the “BIA”) and the Courts of Justice Act (the “CJA”). Justice Watt’s decision in Business Development Bank of Canada v. Astoria Organic Matters Ltd.
In the recent decision of Alexander Pleshakov v Sky Stream Corporation and Others (Pleshakov), the BVI Court of Appeal considered the scope of its jurisdiction to interfere with findings of fact made at first instance. This is the second time this year that the BVI Court of Appeal has addressed this issue.
Secured creditors can breathe a sigh of relief. We have received word that the Supreme Court of Canada has allowed the appeal from the bench in Canada v. Callidus Capital Corporation (“Callidus”).
In the recent BVI Court of Appeal decisions of Wembley and Sutton ‘disabled’ bearer shareholders were found to have a constitutional right not to be deprived of their property without compensation.
In Stanford v Akers the BVI Court of Appeal addressed standing in the context of applications under Section 273 of the Insolvency Act 2003, whereby an aggrieved person can ask the court to reverse or vary a liquidator's decision.
The liquidators of Chesterfield entered the company into a global settlement agreement with Deutsche Bank AG and Kaupthing, which included the admission of Kaupthing's claim in Chesterfield's liquidation.
Facts
First-instance decision
Court of Appeal decision
Comment
In Delco Participation BV v Green Elite Limited (2018) the Court of Appeal considered the test for appointing liquidators to a company following an alleged loss of substratum.
In separate but related proceedings, the BVI courts have permitted an applicant to inspect documentation relating to the liquidation of certain BVI companies.
In Robert Tchenguiz v Rawlinson & Hunter Trustee SA (the TFT Trust claim) Tchenguiz sought delivery of all proof of debt and claim documentation submitted by the defendant trustees to the joint liquidators in the liquidation of the companies.
Grant Thornton were appointed as receivers over a BVI company under Section 43 of the Arbitration Act 2013 to preserve the value of the company pending the determination of foreign arbitration proceedings. The defendant in the arbitration owned the shares of the BVI Company.
In the case of Delco Participation BV v Green Elite Limited [2018] the Court of Appeal considered the test for appointing liquidators to a company following an alleged loss of substratum.