One small but highly significant change introduced by the BVI Business Companies (Amendment) Act, 2012 , gives the Court wider powers to intervene in cases of minority prejudice. Formerly the Court had powers to restrain ongoing or threatened conduct which breached the BC Act or the memorandum and articles of association of the company. A small change to section 184B extends this power to allow the Court to set aside acts or decisions of the company which have already taken place.
It is difficult to know how the Court will deal with this power but it is likely it will be tried at least to overturn internal matters. In due course we expect the Court to decide the ambit of this section and whether it can be used to affect third party rights.
The BVI Business Companies (Amendment) Act, 2012, is not yet in force. It is expected to come into force in the fall of 2012.