Regional news: British Virgin Islands
Saudi businessman defeats BVI liquidators’ US$3.6 billion claim
Liquidators from Krys Global in the British Virgin Islands have failed in their bid to recover US$3.6 billion in equitable compensation from a Saudi hotel magnate, after an English court said their pleadings “put the cart before the horse” - but they did win compensation for misappropriation of shares.
08 March 2023
3AC liquidators obtain extra-territorial summoning order for fund’s directors
Crypto hedge fund Three Arrows Capital’s liquidators have secured what is thought to be the first extra-territorial summoning order from a British Virgin Islands courts for the private examination of the fund’s truant directors.
01 March 2023
BVI appeal court repeals receivership order for sanctioned VTB Bank
The Eastern Caribbean Court of Appeal has set aside a receivership order put in place on behalf of sanctioned Russian bank VTB, finding that the repeal in itself would not contravene international sanctions.
15 February 2023
BVI appellate court confirms directors liable in Dutch-Chinese joint venture’s liquidation
The directors of a British Virgin Islands-incorporated company have failed to overturn a local court’s decision holding them personally liable for restoring the proceeds of a share transfer they executed without shareholder approval.
12 January 2023
3AC liquidators can subpoena co-founder through Twitter
The foreign representatives of crypto fund Three Arrows Capital have secured permission to subpoena one of its co-founders via Twitter, after allegedly failing in repeated attempts to establish his whereabouts and obtain company information.
04 January 2023
UK Supreme Court seals Candey fee priority dispute in Peak Hotels liquidation
London disputes boutique Candey has lost a years-long fight to recoup around £4 million in legal fees in priority to other creditors of an insolvent hotelier, after the UK Supreme Court found it waived an equitable lien when it entered into a new fee arrangement with the company pre-liquidation.
22 December 2022
Constellation’s BVI subsidiary seeks second US recognition of mirroring scheme
A Caribbean subsidiary of global oil group Constellation has again requested US recognition of a British Virgin Islands “soft-touch” provisional liquidation, after the wider group restructured in Brazil for the second time in as many years.
09 November 2022
Two for none: BVI court refuses to enforce assigned Russian judgment debt at common law
A British Virgin Islands court has refused to enforce two Russian bankruptcy court judgments as one, finding that the judgment assigning the debt to the petitioner had to be enforced first, but did not satisfy the common law requirements under the Dicey Rules.
08 November 2022
A&M hires former Begbies head for BVI office launch
Former Begbies Traynor director Wesley Edwards has joined Alvarez & Marsal to lead its new office in the British Virgin Islands, three months after a BVI court issued a first-of-its-kind decision approving a block transfer of his insolvency appointments to one of his former colleagues.
20 October 2022