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    Insolvency position clarified in the BVI
    2011-04-04

    On Friday 1 April, the Court of Appeal handed down its much awaited written judgment in Westford Special Situations Fund Limited v Barfield Nominees et al. The decision has far reaching consequences, not only for BVI funds, but also for all types of BVI corporate vehicles. The case directly and indirectly dealt with four major issues:-  

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Shareholder, Dividends, Debt, Standing (law), Limited partnership, Liability (financial accounting), Liquidation, Investment funds, Articles of association, Liquidator (law), Court of Appeal of England & Wales
    Location:
    British Virgin Islands
    Firm:
    Harneys
    BVI Commercial Court case notes - June 2011
    2011-06-23

    Trial on preliminary issues

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Shareholder, Injunction, Market liquidity, Voluntary association, Liquidation, Articles of association, Liquidator (law), Court of Appeal of England & Wales, High Court of Justice (England & Wales), Commercial Court (England and Wales)
    Authors:
    Phillip Kite
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Redemption of shares and consideration
    2011-09-22

    In a decision of interest in a number of jurisdictions where these types of claims have been made, the BVI Commercial Court handed down judgment today in the claim brought by the liquidators of Fairfield Sentry Limited, a BVI fund which invested in Bernard Madoff’s investment vehicle.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, White Collar Crime, Harneys, Share (finance), Shareholder, Interest, Consideration, Liquidation, Investment funds, Articles of association, Liquidator (law), Net asset value, Barclays, Commercial Court (England and Wales)
    Authors:
    Phillip Kite
    Location:
    British Virgin Islands
    Firm:
    Harneys
    When is a redemption effective?: Reserve International Liquidity Fund Ltd
    2010-04-30

    The British Virgin Island’s 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, Capital Markets, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Shareholder, Dividends, Market liquidity, Liquidation, Articles of association, Liquidator (law), Unsecured creditor, Lehman Brothers cases, Net asset value, Lehman Brothers, Companies Act 2006 (UK)
    Authors:
    Simon Schilder
    Location:
    British Virgin Islands
    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, Lehman Brothers cases, Net asset value, Lehman Brothers, Companies Act 2006 (UK)
    Authors:
    Simon Schilder
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Appointing a receiver over assets of a British Virgin Islands company
    2010-05-28

    QUESTIONS AND ANSWERS  

    Q1. Is it possible to appoint a receiver over assets which have been charged by a British Virgin Islands (‘BVI’) company (a ‘Company’) under a security document?

    A1. Yes, provided that the security interest which has been granted by the Company to the beneficiary (the ‘mortgagee’) over the Company’s assets allows the mortgagee to appoint a receiver. Appointing a receiver is probably the most common way of enforcing security interests granted by Companies.  

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Harneys, Legal personality, Shareholder, Beneficiary, Investment funds, Liquidator (law), General Medical Council
    Authors:
    Colin Riegels , Peter Tarn
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Do shareholders seeking redemption proceeds have standing to wind up a company?
    2010-09-23

    Yesterday, the ECSC Court of Appeal set aside the winding up order made in the case of Westford Special Situations Fund Ltd. v. Barfield Nominees Limited and another, and dismissed the Joint Liquidators appointed over the fund.

    Westford was put into liquidation earlier this year by shareholders whose application was based on their entitlement to unpaid redemption proceeds. At first instance the application was allowed and Joint Liquidators were appointed over the Fund on two grounds:-

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Harneys, Shareholder, Interest, Standing (law), Liquidation, Court of Appeal of England & Wales
    Authors:
    Phillip Kite
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Recent scheme of arrangement believed to be BVI’s first
    2010-01-06

    New ground was broken last December in the British Virgin Islands when what is believed to be the first scheme of arrangement procedure under the BVI Business Companies Act, 2004 (BCA) was completed.

    In the scheme of arrangement Amber Petroleum Ltd (Amber) completed a successful reverse takeover of AIM-listed AfNat Resources Limited (formerly Lithic Metals and Energy Limited) (AfNat) under section 179A of the BVI Business Companies Act, 2004 (BCA).

    Filed under:
    British Virgin Islands, Corporate Finance/M&A, Insolvency & Restructuring, Harneys, Share (finance), Shareholder, Voting, Alternative investment market, Companies Act
    Location:
    British Virgin Islands
    Firm:
    Harneys
    British Virgin Islands court rules on the ranking of redeemed shareholders
    2010-03-03

    A recent decision from the Commercial Court of the British Virgin Islands has clarified the position of a redeemed shareholder of a fund who has a claim for redemption proceeds which have become due and payable. In the matter ofWestern Union International Limited v Reserve International Liquidity Fund Ltd., the court considered the status of a redeemed shareholder both before and after the commencement of the liquidation of a fund and the operation of Section 197 of the Insolvency Act, 2003 (the “Act”). Section 197 states that:

    Filed under:
    British Virgin Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Share (finance), Regulatory compliance, Shareholder, Unsecured debt, Dividends, Market liquidity, Liquidation, Articles of association, Internal Revenue Service (USA), US Federal Government, Internal Revenue Code (USA)
    Authors:
    Christopher M Wells , Bruce L Lieb , Ira G Bogner , Timothy M Clark , Amanda H Nussbaum
    Location:
    British Virgin Islands
    Firm:
    Proskauer Rose LLP
    Insolvent funds
    2010-03-26

    There continues to be numerous issues surrounding the “creditor/investor” debate in fund’s litigation. There have been a number of cases of particular note. First of all Citco Global v Y2K Finance where a winding up petition was brought on two basis. First of all, alleged improper redemption payments made by the fund prior to the suspension of redemptions.

    Filed under:
    British Virgin Islands, Capital Markets, Insolvency & Restructuring, Litigation, Harneys, Share (finance), Shareholder, Dividends, Memorandum of understanding, Market liquidity, Liquidation, Articles of association, Liquidator (law)
    Authors:
    Phillip Kite
    Location:
    British Virgin Islands
    Firm:
    Harneys

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