Isle of Man court follows BVI example setting precedent on derivative claims
The Isle of Man (Credit: iStock.com/Johnny Greig)
A court in the Isle of Man has interpreted a provision of Manx law on derivative claims for the first time, finding it substantially similar to British Virgin Islands law, and preventing the minority shareholder of an oil company from bringing a claim against some of its directors over the recapitalisation of a struggling Norwegian subsidiary.
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