Regional news: British Virgin Islands

Canadian court throws out Fairfield funds’ suit against PwC

A Toronto court has found that investment vehicle Fairfield Sentry, a victim of the Bernie Madoff fraud to the tune of US$7 billion, has no case against its auditors PricewaterhouseCoopers because alleged failures on the consultancy’s part resulted in a net benefit to the fund.

15 June 2017

UK court to hear asset-stripping claims against former Creative Finance director

Allegations of asset-stripping against the former director of foreign exchange trader Creative Finance will be heard in London, despite the company’s liquidation being administered in the British Virgin Islands.

30 May 2017

Liquidator strikes gold as BVI mining company returns to solvency

A British Virgin Islands court has sanctioned a liquidator’s application for a blended fee remuneration, including a percentage of revenue from assets sold, after she returned an ailing gold mining company to solvency in “a remarkable success story”.

16 May 2017

Aman Resorts ex-holding company survives renewed bankruptcy bid

Yet another attempt to push the former holding company of luxury hotel chain Aman Resorts into bankruptcy proceedings has failed, after a BVI court dismissed an application brought by three alleged creditors.

09 May 2017

ABI Caribbean Insolvency Symposium: a view from the bench

The American Bankruptcy Institute met in Grand Cayman last week, hosting a roundtable discussion featuring some of the US’s leading bankruptcy jurists.

14 February 2017

BVI liquidators cast a net for information on fishery group in Hong Kong

A Hong Kong court has recognised the British Virgin Islands liquidation proceedings of four entities belonging to Chinese-owned fishery group Pacific Andes, separate to the group’s main Chapter 11 bankruptcy.

06 February 2017

BVI judge considers benefits of arbitrating cross-border insolvency disputes

British Virgin Islands judge Barry Leon has suggested that international arbitration could be the answer to some of the pressing issues in cross-border insolvencies – and the new Judicial Insolvency Network (JIN) could be an ideal body to help create a tailored arbitral process.

15 November 2016

Norwich Pharmacal order compels BVI third party to disclose foreign debtor’s assets

A court in the British Virgin Islands has compelled the locally based agent of a foreign debtor to provide information on the whereabouts of its assets, in a decision that broadens the court’s jurisdiction to grant relief for an international judgment creditor.

11 November 2016

US court gives trustee control over China Fishery’s Peruvian business

A New York court has agreed to the appointment of a Chapter 11 trustee to administer crucial Peruvian assets of the industrial fishing conglomerate China Fishery Group, taking control of the business partially out of the hands of its directing family.

02 November 2016

BVI Court allows liquidators to draw fees from debtor without prior approval

The Commercial Court of the British Virgin Islands has issued a first-of-its-kind order allowing the liquidators of a Hong Kong-based electronics company to draw fees for costs from the debtor’s estate before securing formal approval of the amounts to be paid.

10 October 2016

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