Blog

In the recent decision of Iranian Offshore Engineering v Zavarei the High Court of England and Wales was concerned with a complex international fraud.

The Cayman Court has delivered judgment in Trina Solar Limited. This is likely to be the first case under section 238 of the Companies Law in which fair value is determined to be below the merger price. This is a significant win for Trina and will have a big impact on future s238 cases.

Further to our first blog on the decision in Great Panorama (see here), we now turn to consider the Court’s treatment of certain pieces of evidence that were relied upon at the recent hearing in that case.

In Great Panorama International Ltd v Qin Hui & Ors, the BVI Court continued a freezing injunction made against BVI non-cause of action defendants associated with a foreign judgment debtor. In doing so the Court issued a judgment covering a wide-range of issues that will be of interest to those seeking to enforce debts against and preserve the assets of BVI companies. In this blog we consider the court’s pronouncements regarding its jurisdiction to grant Chabra relief and the extent of the applicant’s duty to give full and frank disclosure. In the sequel to this blog we will consider the Court’s treatment of findings made by another court that was relied upon as evidence and the Court’s response to an attempt to introduce evidence post order/judgment.

In the fourth episode of this season’s Offshore Litigation Take 10 podcast, Ian Mann is joined by guest speaker Victor Joffe QC of Temple Chambers to discuss the UK Supreme Court case of Sevilleja v Marex Financial Ltd [2020] UKSC 31, a case that looked at whether the rule against reflective loss prevented creditors of a company from claiming directly against a third party for asset-stripping the company.

In a very colourful case, the Privy Council recently examined the duty of care owed by directors of a company, in circumstances where its ultimate owner had been betrayed by his agent and caused the Company to be stripped of its entire asset holding.