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Offshore Litigation Blog

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AHAB v Saad – Judgment delivered on AHAB’s appeal
The Cayman Islands Court of Appeal (CICA) has handed down its long-awaited judgment in the landmark case of AHAB v SICL & Others. In the latest chapter of the Saad story, the CICA overwhelmingly endorsed the Chief Justice’s Grand Court decision to dismiss AHAB’s claims, finding in favour of the Defendants / Respondents on the majority of the key issues, in particular the issues of knowledge and authority on the part of the plaintiffs of what was described at first instance as a “cauldron of a fraud”. Harneys acts for the Joint Official Liquidators of SIFCo5.
Cayman Islands Court lays down entry threshold for PL rescue process and raises comity with Hong Kong Court
In the recent decision of Silver Base Group Holdings in the Grand Court of the Cayman Islands, Justice Doyle has set out the factors to be considered when allowing a debtor company to enter into a PL rescue process, in circumstances where there is an existing winding up petition against the same debtor filed in Hong Kong. The case underscores the importance of comity and cooperation between the Cayman Islands and Hong Kong courts, as conduits for restructuring debt in the modern world.
Take 10 season three, episode ten – Office holder independence
In our tenth episode of this season’s Take 10 podcast, Asia Managing Partner Ian Mann and Partner William Peake discuss the case of Global Fidelity Bank and Liquidators’ independence.
Searching for trust in a trustless system: latest crypto case explores the limits of proprietary rights
In the recent decision in Wang v Darby the English High Court considered whether the defendant held cryptocurrency on trust for the claimant and whether the claimant, therefore, had a proprietary right over the cryptocurrency and could retain a proprietary injunction over it. Ultimately the High Court found that whilst cryptocurrency could form the subject matter of a trust, no trust arose in the circumstances and as such, there was no basis for proprietary claims or a proprietary injunction. But the High Court did continue the worldwide freezing injunction against the defendant to protect the claimant’s personal claims.
EC Court of Appeal resurrects company
On 6 October 2021, the Court of Appeal allowed an appeal against the decision of Justice Jack not to restore a BVI company on the basis of lack of standing on the part of the applicant.
Take 10 season three, episode nine – Never back down in the face of adversity
In our ninth episode of this season’s Take 10 podcast, Asia Managing Partner Ian Mann interviews Victor Joffe QC about his extensive legal career including his aspirations as a law student, his role models, how he overcame challenges and lessons learned, as well as helpful advice to younger generations of legal practitioners.
Grand Court rejects notion of “hybrid” orders and emphasises the finality principle
In the long-running case of ArcelorMittal v Essar Global Fund Ltd & Anor the Grand Court has dismissed the Defendants’ application to set aside the Norwich Pharmacal order (NPO) made in 2019. The Defendants, having unsuccessfully challenged the NPO at first instance and on appeal, sought to set it aside on the grounds that subsequent commencement of a conspiracy claim in England and an avoidance action in New York, amounted to a material change of circumstance that rendered the NPO unnecessary.
BVI decrypts the legal status of cryptoassets
In Philip Smith and Jason Kardachi (in their capacity as joint liquidators) v Torque Group Holdings Limited, the BVI Commercial Court had to determine how cryptoassets should be characterised under BVI law and it also had to consider how such assets should be treated by a liquidator in an insolvent winding up.
Anti-suited and booted: the Court of Appeal confirms a high threshold for granting a worldwide anti-suit injunction
In two of the latest BVI judgments arising from the ongoing dispute between Mikhail Abyzov and Viktor Vekselberg (and related parties), the Court of Appeal upheld the decisions of the Judge at first instance not to grant worldwide anti-suit injunctions against Mr Vekselberg and his companies. The judgments affirm the general principle that the Court will not inhibit a person’s right to bring proceedings overseas unless such proceedings are vexatious, oppressive, interfere with the Court’s process, or are otherwise unconscionable.
Take 10: Season three, episode eight - International arbitration: A lesson in case management
In our eighth episode of this season’s Take 10 podcast, Partner Andrew Thorp is joined by Partner Peter Ferrer, Co-head of our global Litigation, Insolvency and Restructuring team and Counsel Olga Osadchaya, a member of our Litigation and Insolvency practice in the BVI.
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