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    Anti-suit injunctions and insolvency: a recent decision
    2015-01-27

    When a company is being wound up in a given jurisdiction, can an anti-suit injunction be sought against relevant creditors or members to prevent them from pursuing proceedings in another jurisdiction with a view to securing priority in the liquidation?

    This was the issue for the Privy Council to decide in Stichting Shell Pensioenfonds v Krys and another (British Virgin Islands) (26 November 2014), in what is an interesting instance of the application of anti-suit injunctions within the insolvency framework.

    Facts

    Filed under:
    British Virgin Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, HFW, Injunction, Liquidation, Anti-suit injunction
    Authors:
    Marina Rogers-Nash
    Location:
    British Virgin Islands, United Kingdom
    Firm:
    HFW
    Interpleader actions and the summary judgment rules
    2015-08-05

    INTRODUCTION

    Filed under:
    British Virgin Islands, Guernsey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Carey Olsen
    Authors:
    John Greenfield
    Location:
    British Virgin Islands, Guernsey
    Firm:
    Carey Olsen
    BVI litigation & insolvency client update - September 2015
    2015-09-11

    british virgin islands cayman islands guernsey jersey cape town london www.careyolsen.com 1 bvi litigation & insolvency client update - SEPTEMBER 2015 Dispute Resolution & Litigation | Restructuring & Insolvency British Virgin Islands Welcome to our September BVI litigation and insolvency bulletin, co-authored by Ben Mays, Andrew Chissick and Jevaughn Rhymer. This edition of the bulletin contains reports on four recent cases: • Privy Council authority concerning a contested, Court-run auction of a property arising in the liquidation of a well-known luxury Caribbean resort.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Carey Olsen
    Location:
    British Virgin Islands
    Firm:
    Carey Olsen
    Second Circuit issues ruling regarding determination of a debtor's center of main interest under Chapter 15
    2013-05-01

    On April 16, 2013, the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued its decision in In re Fairfield Sentry Ltd.,1 in which the court held that (1) the relevant time for analyzing a debtor’s center of main interest ("COMI") for purposes of recognizing a foreign proceeding is at or around the time a petition for recognition is filed; (2) the determination of COMI is dependent on the facts of each case, which may include insolvency proceedings in the foreign jurisdiction; and (3) the public policy exception to relief sough

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Hunton Andrews Kurth LLP, Second Circuit
    Authors:
    Benjamin C. Ackerly , Andrew Kamensky , Tyler P. Brown , Richard P. Norton , Jarrett L. Hale , Peter S. Partee, Sr.
    Location:
    British Virgin Islands
    Firm:
    Hunton Andrews Kurth LLP
    Close-out netting and set-off provisions for BVI, Cayman Islands, Guernsey, Jersey and Luxembourg counterparties
    2013-11-05

    Introduction

    Filed under:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg, Derivatives, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Swap (finance), Limited partnership, Liquidation, International Swaps and Derivatives Association
    Authors:
    Bruce MacNeil
    Location:
    British Virgin Islands, Cayman Islands, Guernsey, Jersey, Luxembourg
    Firm:
    Ogier
    ECSC hears arguments in $1.45 billion Madoff-related litigation in British Virgin Islands
    2012-01-17

    The Court of Appeal of the Eastern Caribbean Supreme Court sitting in the British Virgin Islands today began hearing arguments in the greatly anticipated appeals involving claims brought by the liquidators of Fairfield Sentry Limited ("Fairfield").

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, White Collar Crime, Harneys
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Procedure for voluntary liquidation under the BVI Business Companies Act
    2012-05-16

    This Briefing addresses the usual manner in which solvent voluntary liquidations proceed. The discussion is subject to the particular provisions of the Memorandum and Articles of Association of any company seeking a voluntary liquidation.

    Where a company is not a regulated entity, has no liabilities and is able to pay its debts as they come due, a voluntary winding up and dissolution may be commenced by a resolution of directors.

    Where it is proposed to appoint a voluntary liquidator, the directors of the company shall:

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Private Client & Offshore Services, Bedell Cristin, Liability (financial accounting), Liquidation, Liquidator (law)
    Authors:
    Stephen Adams , Simon Pascoe
    Location:
    British Virgin Islands
    Firm:
    Bedell Cristin
    Court of Appeal hands down judgement in Fairfield
    2012-08-21

    History of the Case

    On 13 June 2012, the Court of Appeal handed down its judgment in the claims that have been brought by the liquidators of Fairfield Sentry Limited ("Fairfield") against a number of investors that redeemed out of the fund.  The Court of Appeal has upheld the decision of the trial judged albeit, in some instances, for different reasons.  Fairfield was a fund that invested into in Bernard L.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Net asset value
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Universalism vs. territorialism - Fairfield Sentry v Stitching Shell and the requirements for an anti-suit injunction in the BVI
    2012-10-09

    The purpose of an anti-suit injunction is to restrain respondents from commencing or continuing proceedings in another jurisdiction. Anti-suit injunctions are an important, and frequently required, judicial tool within the BVI. The growing number of international companies registered in the BVI has resulted in a corresponding increase in the number of BVI matters involving multiple jurisdictions. The recent BVI Court of Appeal decision in (1) Kenneth M.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Mishcon de Reya LLP, Injunction, Liquidation, Anti-suit injunction
    Authors:
    Anthony O'Loughlin
    Location:
    British Virgin Islands
    Firm:
    Mishcon de Reya LLP
    Enforcing orders made in foreign insolvency proceedings
    2012-10-24

    This article sets out the potential impact in the BVI and Cayman of the much anticipated Supreme Court decision in Rubin v. Eurofinance SA [2012] UKSC 46, which was handed down on 24 October 2012. Rubin deals with the issue of whether orders made in Chapter 11 bankruptcy proceedings in the United States can be enforced as judgments of the English Courts.

    COMPETING SETS OF RULES AND PRINCIPLES

    Filed under:
    British Virgin Islands, Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Conflict of laws, In rem jurisdiction
    Location:
    British Virgin Islands, Cayman Islands, United Kingdom
    Firm:
    Harneys

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