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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.
It’s a done deed: directors, dishonesty and deeds
On 7 April 2022, the BVI Commercial Court handed down judgment in the ancillary claim of West Ridge Investment Company Limited (West Ridge), the Ancillary Claimant in the high-profile IsZo Capital LP v Nam Tai Property Inc. et al litigation in which, West Ridge sought to be indemnified pursuant to a Deed of Indemnity (Deed) agreed between Nam Tai Property Inc. (Nam Tai) (a company listed on the New York Stock Exchange) and West Ridge. The Court held that the Deed was a proper commercial resolution of the issues between the parties which stood to be enforced and that Nam Tai should be bound to its bargain with West Ridge.
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.
Missed understanding: BVI Court holds directors in breach of their duty to act for a proper purpose
On 17 January 2022, the BVI Commercial Court handed down judgment in Green Elite (In liquidation) v Fang Ankong et al, in which a claim for breach of directors’ duties was brought by the liquidators of Green Elite against the former directors of that company. The Court held that the directors breached the requirement under section 121 of the BVI BCA to carry out their duties for a proper purpose with the result that they were liable in restitution for certain sale proceeds received by them.
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.
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.
Take 10 season three, episode six - Arbitration in the offshore world
In the sixth episode of our Take 10 podcast, Hong Kong partner Andrew Johnstone invites Peter Ferrer, our BVI-based co-head of the global Litigation, Insolvency and Restructuring team, and Hong Kong-based counsel Andrew Chin, to join him for a discussion on all things arbitration, particularly the use of arbitration in offshore disputes.
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.
Akhmedova v Akhmedov and others – The requirements for relief under section 423 of the English Insolvency Act
In the recent English judgment in Tatiana Akhmedova v Farkhad Teimur Ogly Akhmedov & others [2021] EWHC 545 (Fam), a high-profile and long-running divorce case, the English Court examined the requirements for relief to be granted under section 423 of the English Insolvency Act 1986.
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