BVI Commercial Court Dismisses Judgment Debtors' Attempt To Set Aside US$97 Million Judgment

In a recent decision of the BVI Commercial Court, the Honourable Mr Justice Wallbank dismissed an application by the Defendants in King Bun Limited & Ors v Lau Man Sang James & Ors to set aside a previous order granting substantial relief to the Claimants in a high-stakes derivative action.

On 14 November 2023, the Honourable Mr Justice Wallbank issued an order requiring the defendants to pay over US$55 million in equitable compensation, plus pre-judgment interest, totalling nearly US$97 million to the Claimants (the "Quantum and Relief Judgment"). The Quantum and Relief Judgment was handed down following the Court's July 2021 ruling that the Defendants were liable for various breaches of directors' duties in connection with a sale of the company's most valuable asset to the First Defendant at a gross undervalue (the "Liability Judgment"). Our previous article on the Liability Judgment is available here, and in respect of the Quantum and Relief Judgment here.