Philip Smith and Jason Kardachi (in their capacity
as joint liquidators of Torque Group Holdings Limited) v
Torque Group Holdings Limited (the "Company")
(in liquidation) BVIHC (COM) 0031 OF 2021, highlights the first
judgment in this jurisdiction concerning the legal status of
cryptoassets in the British Virgin Islands ("BVI").
In a recent judgment, the BVI court granted sanction to joint
liquidators in respect of certain actions proposed to be taken by
them pertaining to cryptocurrencies (the
"cryptoassets"). In determining whether or not
cryptocurrency is an 'asset' for the purposes of a
liquidation, Justice Wallbank (Ag.) relied on the guidance given by
the UK Jurisdiction Taskforce in Legal Statement on
Cryptoassets and Smart Contracts which stated that
cryptoassets are to be treated as 'property' at common law
and for the purposes of the English Insolvency Act.
