Regional news: British Virgin Islands

Money paid into court is recoverable, English appeal court says

The English Court of Appeal has ruled against the liquidators of British Virgin Islands (BVI) company Peak Hotels and Resorts, saying that the company’s fixed fee arrangement with its former solicitors had created a floating charge over two sums it had paid into court as security.

18 October 2018

Fairfield investment managers lose BVI indemnity claim

A British Virgin Islands appeal court has rejected an indemnity claim from the former investment managers of Madoff feeder fund Fairfield Sentry for the costs of defending seven separate claims following the revelation of the fraud.

11 October 2018

Harneys hires in Hong Kong and BVI

Harneys has named restructuring partner Ian Mann as the new head of its Asia office in Hong Kong, where the firm has also hired Holman Fenwick Willan partner Andrew Johnstone, while its British Virgin Islands office has hired Irish barrister John McCarroll SC.

26 September 2018

Asset recovery column: Tools in action

Edward Davis and Annette Escobar, of Sequor Law in Miami, discuss a massive Ponzi scheme in Chile involving the execution of asset recovery and cross-border recognition tools in multiple jurisdictions.

17 September 2018

US judge doubts jurisdiction over Fairfield Sentry clawbacks

Liquidators of Madoff feeder fund Fairfield Sentry cannot use a New York forum selection clause in a subscription agreement to assert jurisdiction over foreign defendants in 305 different adversary proceedings, a US bankruptcy court has ruled.

08 August 2018

Madoff fund shareholders lose US clawback claims appeal in BVI

Former shareholders of Fairfield Sentry, an investment fund that was among the biggest investors in the Bernie Madoff Ponzi scheme, have failed to prevent the fund’s British Virgin Islands liquidators pursuing US$6 billion worth of clawback claims in US Chapter 15 proceedings.

22 November 2017

UAE’s Dana Gas asks Emirates court to declare English law-governed bond illegal

A month after starting negotiations to restructure a US$700 million Islamic bond, Dana Gas, the biggest gas producer in the Middle East, has announced that the instrument is incompatible with Shari’a law and obtained stays on enforcement from courts in the UAE and the British Virgin Islands (BVI).

16 June 2017

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

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