When a court-appointed trustee or liquidator is tasked with liquidating an entity, they need to gain possession of all of the entity’s assets. In crypto cases, this task can prove difficult when trying to identify and control all of the entity’s different digital assets and obtain cooperation from the entity’s former operators. Unfortunately, in the case of Three Arrows Capital (“3AC”), the two founders have refused to cooperate with recovery efforts and have absconded to unknown foreign countries.
Where a British Virgin Islands company is struck off the register, its directors and members cannot carry on the company's affairs, commence or defend legal proceedings in the name of the company, or deal with the assets of the company.
This Regulatory Update provides a snapshot of the key legal developments in the BVI and the Cayman Islands over the last quarter – including amendments to BVI business company fees, the introduction of the BVI Virtual Asset Service Providers Act, and an update on the list of director names which is now publicly available in the BVI. It also contains a reminder of the January 2023 filing deadlines in the Cayman Islands, amendments to the Cayman LLC legislation and details of the highest possible rating given to the Cayman Islands by OECD for effectiveness of AEOI regime.
最近、イギリス（United Kingdom、以下同じ）最高裁判所のある判決では、破産した会社または破産に近い会社の取締役が債権者の利益を考慮に入れる義務が明確になりました。BTI 2014 LLC v Sequana SA  UKSC 25はイギリスの会社法に関連していますが、英連邦全体、特にオフショア法域での破産における取締役義務についての解釈などに、広範囲にわたる影響を及ぼします。
In a recent decision, the United Kingdom Supreme Court clarified the duty of directors of insolvent or near insolvent companies to consider the interests of creditors. While BTI 2014 LLC v Sequana SA  UKSC 25 relates to company law in the United Kingdom, it will have far reaching implications on the understanding of directors' duties relating to insolvency across the commonwealth and, in particular, offshore jurisdictions.
在最近英国最高法院的一项判决中，资不抵债或接近资不抵债的公司的董事有责任考虑债权人的利益。虽然 BTI 2014 LLC v Sequana SA  UKSC 25 涉及英国公司法，但它将对理解英联邦地区清盘情况下的董事职责产生深远影响，尤其是在离岸司法管辖区。
普通法和 2006 年《公司法》均规定公司董事有义务以诚信行事，以促进公司的成功。传统观点认为，公司利益等同于公司股东的利益。近几十年来，法律开始承认，当公司濒临破产或资不抵债时，公司债权人的利益可能会受到公司管理层的影响。因此，法律开始要求董事在破产情况下履行对公司的信托义务时考虑债权人的利益。这条被称为 West Mercia 规则（源自 West Mercia Safetywear Ltd (in liq) v Dodd  BCLC 250）的规则从未在案例中得到一致解释，而法院使用的语言经常混淆规则的性质及其产生的确切情况。
The full strength of the economic headwinds facing the UK economy is not yet clear, but a helpful recent report by insolvency and restructuring adviser Begbies Traynor provided some useful numbers around the attitudes of businesses.
With local and global inflation at their highest in decades, rising interest rates, continuing supply chain woes and the effects of the Russia-Ukraine conflict being felt across Asia, many businesses that are established in the British Virgin Islands (BVI) and the Cayman Islands are scrutinising the available tools to avoid liquidity issues and potential insolvency. The economic fallout from covid-19 and related restrictive measures, along with bond defaults by various PRC property developers, has only exacerbated this crisis.
Global Perspectives on Insolvency, Restructuring & Dispute Resolution
As primarily offshore lawyers, we speak on a daily basis with onshore counsel, banks, asset managers, trustees, corporates, insolvency practitioners and individuals around the world. Those conversations give our Global Insolvency & Dispute Resolution Practice Group a unique perspective on the different market trends and their regional impact in 2022.
ANNUAL CASE REVIEW 2021 serlecourt RAISING THE BAR IN CHANCERY & COMMERCIAL “Stacked with highly experienced silks and juniors, Serle Court has long been one of the leading sets when it comes to civil fraud disputes” Legal 500 serlecourt 02 Welcome to Serle Court’s Annual Review of 2021. In the second year of the pandemic, barristers at Serle Court have continued to appear, often remotely, in courts at all levels around the world, in cases across our wide field of commercial chancery law.