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    Netting and subordination - British Virgin Islands
    2011-01-14

    The Insolvency Act 2003 of the British Virgin Islands (the “IA”) provides that the netting of financial contracts is legally enforceable notwithstanding any provisions of the IA or the Insolvency Rules. Significantly, this means that where an insolvent entity that is party to a financial contract goes into liquidation, what might otherwise be a voidable transaction will be upheld if carried out pursuant to a netting agreement.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Ogier, Credit (finance), Option (finance), Swap (finance), Futures contract, Debt, Liquidation, Credit derivative
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Chapter 15 recognition: Fairfield Sentry Limited (in liquidation)
    2010-10-29

    As well as issuing claims in mistake and restitution in the BVI Commercial Court and the US State Supreme Court, the liquidators of Fairfield Sentry Limited (“the Fund”) also petitioned for and, on 22 July 2010 obtained, Chapter 15 recognition in the United States Bankruptcy Court for the Southern District of New York.

    Filed under:
    British Virgin Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Debtor, Asset management, Investment management, Liquidation, Liquidator (law), Derivative suit, UNCITRAL, United States bankruptcy court
    Location:
    British Virgin Islands, USA
    Firm:
    Ogier
    Fairfield funds
    2010-10-19

    Liquidators were appointed over Fairfield Sentry Limited, Fairfield Sigma Limited and Fairfield Lambda Limited (together “the Funds”) by orders of the BVI High Court dated 21 July 2009, 21 July 2009 and 23 April 2009 respectively. Fairfield Sentry Limited was the largest “feeder” fund to Bernard L Madoff Investment Securities LLC (“BLMIS”) and invested approximately 95% of its assets with BLMIS. BLMIS was placed into liquidation proceedings in the United States in December 2008, after it was revealed that Bernard Madoff operated BLMIS as a Ponzi scheme for many years.

    Filed under:
    British Virgin Islands, Capital Markets, Insolvency & Restructuring, Litigation, Ogier, Security (finance), Limited liability company, Liquidation, Investment funds, Liquidator (law), High Court (Ireland), Commercial Court (England and Wales)
    Location:
    British Virgin Islands
    Firm:
    Ogier
    The first creditor schemes of arrangement to be sanctioned in the BVI
    2010-10-19

    The First Creditor Driven Schemes

    The Commercial Court has very recently sanctioned four schemes of arrangement pursuant to section 179A of the BVI Business Companies Act 2004. These were the first two creditor-driven schemes to be proposed and sanctioned in the BVI. There has been one other scheme proposed and sanctioned in the BVI but this was a member’s scheme and was altogether more straightforward. Ogier BVI was instructed in relation to all four schemes.

    The First Scheme

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Debtor, Unsecured debt, Interest, Arbitration award, Debt, Liquidation, Holding company, Subsidiary, Commercial Court (England and Wales)
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Insolvency of Guernsey Companies
    2020-04-07

    Introduction

    Filed under:
    European Union, Guernsey, Insolvency & Restructuring, Ogier, Liquidation
    Authors:
    Christopher Jones , Mathew Newman , Alex Horsbrugh-Porter , Paul Chanter
    Location:
    European Union, Guernsey
    Firm:
    Ogier
    Jersey companies and English administration
    2010-09-14

    There has been a considerable amount of interest from clients recently on putting Jersey companies holding UK real property and other assets into English administration. Where a Jersey company and its creditors intend to rescue the company as a going concern, or English administration would achieve a better realisation for creditors than a désastre or a winding up, it may be advantageous to commence English administration.

    Filed under:
    Jersey, United Kingdom, Insolvency & Restructuring, Ogier, Debtor, Interest, Liquidation, Comity, Insolvency Act 1986 (UK), Courts of Jersey
    Authors:
    Bruce MacNeil
    Location:
    Jersey, United Kingdom
    Firm:
    Ogier
    Compulsory winding-up of companies in Guernsey
    2018-07-16

    The memorandum has been prepared on the basis of the law and practice in Guernsey as at 1 April 2010.

    Introduction  

    Filed under:
    Guernsey, Insolvency & Restructuring, Ogier, Contractual term, Share (finance), Shareholder, Waiver, Limited liability company, Debt, Liability (financial accounting), Liquidation, Annual general meeting
    Location:
    Guernsey
    Firm:
    Ogier
    COMI: new developments for offshore liquidators
    2010-05-14

    National interests play a distinct part in application of the UNCITRAL model law on cross-border insolvency.  

    The Model Law  

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Defamation, Liquidation, Liquidator (law), Uniform Act, UNCITRAL, Bear Stearns, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Ogier
    BVI adoption of Judicial Insolvency Guidelines: Q&A with Nicholas Brookes from Ogier's BVI Dispute Resolution team
    2017-06-07

    International guidelines on cross-border insolvency matters have recently been adopted by the BVI courts. The Judicial Insolvency Network guidelines – drafted in 2016 by ten insolvency judges from international jurisdictions, including a BVI Commercial Court Judge – aim to create co-operation and communication between courts on cross-jurisdiction proceedings, and to minimise the time and expense involved in litigation.

    Filed under:
    British Virgin Islands, Global, Insolvency & Restructuring, Ogier, Liquidation
    Location:
    British Virgin Islands, Global
    Firm:
    Ogier
    When is a redemption effective: Reserve International Liquidity Fund Ltd
    2010-05-12

    The British Virgin Islands Commercial Court has recently delivered a decision in Western Union International Limited v Reserve International Liquidity Fund Ltd which addresses the issue of when during the redemption process a redeeming investor becomes a creditor of the fund and is therefore entitled to apply for the appointment of a liquidator.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Shareholder, Dividends, Market liquidity, Liquidation, Articles of association, Unsecured creditor, Bankruptcy of Lehman Brothers, Net asset value, Companies Act 2006 (UK), Lehman Brothers
    Location:
    British Virgin Islands
    Firm:
    Ogier

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