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Results: 1-10 of 39

Cayman court ruling on redemptions is significant legal marker for offshore funds

  • Harney Westwood & Riegels
  • -
  • Cayman Islands
  • -
  • January 13 2009

In the current economic climate many offshore funds are continuing to receive large numbers of redemption requests

Finding the centre: COMI in a multi-jurisdictional world

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands, Cayman Islands, United Kingdom
  • -
  • September 30 2009

The facts behind Mr. Justice Lewison’s recent judgment in Stanford (STANFORD INTERNATIONAL BANK LIMITED 2009 EWHC 1441 (Ch)) have no direct connection with either the British Virgin or Cayman Islands but lawyers there do have particular reason to note the more general principles around the seemingly vexed but important issue of COMI in the context of multi-jurisdictional insolvency

“Stand alone” injunctions

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands
  • -
  • March 26 2010

In the recent case of Black Swan Investment I.S.A. v Harvest View Limited the BVI High Court held that it was within its discretion to grant a “stand alone” freezing injunction in support of foreign proceedings

Restoration of companies to the register

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands
  • -
  • March 22 2011

In Yeung Kwok Mung v The Attorney General and the Financial Services Commission, BVIHCM 20110002 and Dedyson Enterprises Limited v Registrar of Corporate Affairs, BVIHCM 20110008, the BVI High Court Commercial Division addressed the principles applying to restoration applications under section 43 of the BVI Business Companies Act (the "BC Act"

Madoff litigation

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands
  • -
  • March 22 2011

In Irving H. Picard v Bernard L. Madoff Investment Securities LLC, BVIHCV 01402010, the trustee appointed in the liquidation of the business of Bernard L. Madoff Investment Securities LLC (“Picard” and “BLMIS”) sought, amongst other things, (i) recognition in the BVI as a foreign representative; (ii) an entitlement to apply to the BVI Court for orders in aid of the foreign proceeding; and (iii) an entitlement to require any person to deliver up to him any property of BLMIS

Restoration of a BVI company following dissolution for the Asian market

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands
  • -
  • March 22 2011

The BVI company has enjoyed immense popularity and success in Asia as the offshore company of choice and enjoys an unrivalled reputation for cost effectiveness, flexibility, investor familiarity, ease of incorporation and low costs of maintenance

Liquidators’ fees and the setting aside of a winding up order: who pays?

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands
  • -
  • March 22 2011

The recent decision in Pacific China Holdings Limited v Grand Pacific Holdings Limited, BVIHCV 2009389 sets out the view of the BVI Commercial Court as to who, if anyone, should be responsible for the remuneration of liquidators where a liquidation order is set aside on appeal

Applications for rectification of registers of members under section 43 of the BVI Business Companies Act 2004

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands
  • -
  • March 22 2011

In Royal Westminster Investments S.A. and others v Nilon Limited and another, BVIHCV 2010039, Bannister J. in the BVI High Court Commercial Division conclusively addressed the issue of whether and when it is appropriate to bring an application for the rectification of a company’s register of members under section 43 of the BVI Business Companies Act 2004 (the “BC Act”), a question whose answer has been in doubt for some time in the BVI

Undoing trustee errors - an update on the Hastings-Bass principle and the law of mistake

  • Harney Westwood & Riegels
  • -
  • United Kingdom
  • -
  • March 22 2011

The principle established in 1974 in the case of Hastings-Bass (1975 Ch 25 (CA)) has in the past allowed a Court to set aside an action taken by Trustees who have failed to take some important factor (such as tax considerations) into account when deciding to take the action

Insolvency position clarified in the BVI

  • Harney Westwood & Riegels
  • -
  • British Virgin Islands
  • -
  • April 4 2011

On Friday 1 April, the Court of Appeal handed down its much awaited written judgment in Westford Special Situations Fund Limited v Barfield Nominees et al