Offshore Litigation Blog

On 1 October 2024, our Cyprus office will celebrate Cyprus’ independence from British colonial rule. This is a national holiday, observed with various ceremonies, including parades, speeches, and cultural events. Military parades are held in major cities across the island, with participation from units of the National Guard, the police, the fire services, and civil defence.

In a significant development, the BVI Financial Services Commission has expanded the list of "relevant foreign countries" under Part XIX of the Insolvency Act 2003.

The Grand Court of the Cayman Islands delivered an unusual judgment in section 238 proceedings to determine the fair value of merger dissenters’ shares in an unlisted company, Xingxuan Technology Ltd. Unlike typical management buy-outs where the majority shareholders acquire the shares of the minority, Xingxuan was acquired by a competitor. The trial was uncontested as Xingxuan neither appeared nor had legal representation. The dissenter’s valuation expert gave oral evidence without being cross-examined – described by Justice Kawaley as a “Black Swan” event.

We cover 11 key questions we’ve been asked on how to get an injunction in the BVI. Find our top 11 questions here.

In the world of trust law, the principle that "equity will not assist a volunteer by completing an imperfect gift" has endured for over a century. This principle was established in the historical case of Milroy v Lord (1862) 2 GF & J 264 and continues to be instructive in trust and estate disputes to this day.

The General Court of the European Union in its recent judgment delivered on 21 February 2024 dismissed the request of several dairy companies to annul the registration of “Halloumi”, the Cypriot cheese delicacy, as a protected designations of origin (PDO) and a protected geographical indication (PGI).

In Performance Insurance SPC the Grand Court recently considered the approach that official liquidators should take when valuing contingent claims. The Court held that the right approach is to estimate a figure for the contingent liability on a full indemnity basis. The liquidator is not entitled to fix the contingent property rights of creditors at any less than the maximum sum that might reasonably be incurred.

It is an established principle of insolvency law that the passage of time does not prevent claims which were not statute-barred at the date of insolvency from being proved later during the insolvency, even though the limitation period has in the meantime expired. This principle derives from the English decision of General Rolling Stock.

The recent decision of In the matter of China Index provides a further reminder of the principles determining the quantification of an interim payment in fair value appraisal matters in the Cayman Islands. The Grand Court also considered the utility of publishing interim payment judgments in the context of section 238 litigation on the grounds of public interest.