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Offshore Litigation Blog

Newspaper rolled up as a megaphone

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Privy Council permits enforcement of arbitral award under New York Convention despite alleged lack of due process
The Judicial Committee of the Privy Council has handed down its judgment in Gol Linhas Aereas SA v MatlinPatterson Global Opportunities Partners (Cayman) II LP and others [2022] UKPC 21.
Cayman Court’s approach to a shareholder’s winding up petition which is in substance a dispute between shareholders
In the recent decision In the Matter of Madera Technology Fund (CI), Ltd, the Cayman Islands Grand Court considered the Court’s power to order the joinder of shareholders to a shareholder’s winding up petition and characterise the proceedings as an inter partes proceeding between shareholders of the company.
Unfair family fights? Legitimate expectation and proper purpose in family businesses
In the recent judgment of Ma v Wong [2002] UKPC 14 the Privy Council unanimously dismisses the appeal against the dismissal of the unfair prejudice claim under s184I of the BVI Business Companies Act 2004, alleging breach of equitable constraints on the majority shareholders in relation to the conversion of preference shares into ordinary voting shares, changing the balance of power in the Third Respondent BVI-company (STIC), and breach of directors’ fiduciary duty in the exercise of power for an improper purpose.
Preventing majority oppression in general meetings: the Court’s power to interfere with shareholder votes
In the recent decision of Pagden and anor v Soho Square Capital LLP and ors [2020] EWHC 944 (Ch), the High Court of England and Wales considered the scope of its power to interfere with the votes cast by shareholders in a general meeting.
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.
Cayman Court extends protection to those who invest through nominees
In the recent decision of Re Asia Momentum Fund (SPC) Ltd. (In Voluntary Liquidation), the Grand Court of the Cayman Islands considered whether a former beneficial shareholder of a Cayman Islands company had standing to petition for the company’s winding up where its shares had been redeemed but the company had failed to pay out the proceeds of redemption.
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.
Prove it – Cogent evidence required to support allegations of fraudulent misrepresentation and conspiracy
The recent judgment in the Hong Kong case, Industrial Bank Co., Ltd v Rich Crown International Industries Limited & Others [2022] HKCFI 81, confirms the high evidential threshold for fraud claims.
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.
Certified refurbished: Supreme Court rules that director’s secret profit becomes company property
In the recent Supreme Court decision of Crown Prosecution Service (CPS) v Aquila Advisory Ltd (the Company), the Supreme Court held that the Company was entitled to secret profits obtained by the directors from the unlawful use of the Company’s property and was therefore held on constructive trust for the Company.
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