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Offshore Litigation Blog

Newspaper rolled up as a megaphone

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Judgment handed down in ChainSwap v Persons Unknown: the first BVI freezing order against persons unknown concerning crypto fraud
The BVI Commercial Court has today (4 May 2022) handed down its judgment in ChainSwap v Persons Unknown.
BVI Commercial Court freezes assets held by unknown hackers in support of crypto tracing claim
By order made on 15 March 2022 in ChainSwap v Persons Unknown, the BVI Commercial Court has continued a worldwide freezing order against unknown hackers, who exploited the applicant’s software and used it to steal large quantities of cryptocurrency tokens from private users and projects.
Harneys litigation podcast “Take 10” Season three – Episode eleven: Les Ambassadeurs Club freezing injunction
In our eleventh episode of this season’s Take 10 podcast, Asia Managing Partner Ian Mann and Partner Peter Ferrer discuss the case of Les Ambassadeurs Club Ltd v Yu.
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.
two black swans flying over still blue water
Release the shackles! The Privy Council sets Black Swan free to soar again
The Judicial Committee of the Privy Council has handed down its judgment in the Broad Idea appeals confirming that where the BVI High Court has personal jurisdiction over a party, the court has power to grant a freezing injunction against that party to assist enforcement through the court’s process of a prospective (or existing) foreign judgment.
Take 10 season three, episode seven – Black Swan flies as Siskina dies
In this episode of our Take 10 podcast, BVI Head of Litigation, Insolvency and Restructuring Andrew Thorp is joined by partner Jonathan Addo to discuss the eagerly awaited Privy Council full board decision in Convoy Collateral Limited v Broad Idea International Limited which was handed down on 4 October 2021.
BVI Court has the power
In the recent decision of the BVI Commercial Court in Hydro Energy v Zhaoheng, the Court continued the appointment of provisional liquidators and refused to stay the underlying application to wind up a BVI company on just and equitable grounds, notwithstanding that the applicant had already commenced arbitration proceedings in Hong Kong pursuant to which interim relief had already been granted.
What level of risk of dissipation of assets is required for the grant of an asset freezing injunction?
In the recent decision of Les Ambassadeurs Club Ltd v Yu [2021] EWCA Civ 1310, the English Court of Appeal clarifies the meaning of "a real risk of dissipation" in the context of asset freezing injunctions.
Heads I win, tails you lose: traps for the unwary under the BVI Arbitration Act 2013
In Hector Finance Group Limited v Caldicott Worldwide Limited (BVIHCVAP 2020/0012), the EC Court of Appeal declined to consider the merits of an appeal from the grant of an injunction pursuant to the Arbitration Act on the basis that it had no jurisdiction to do so.
Cayman Islands Court of Appeal hands down leading decision on Norwich Pharmacal order in Cayman and refuses permission to appeal to the Privy Council
The Essar group has had a set-back in the continuing disclosure action by commercial rival, ArcelorMittal, in connection with an unpaid arbitral award now well in excess of US$1.5 billion.
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