Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 04 APRIL 2014

Three Strikes And Out - Withers BVI Succeeds In Defence Of $300m Claim

Withers LLP
Withers LLP
Contributor
Withers LLP

Withers LLP

Withers is an international law firm focused on the personal, business and philanthropic interests...

View firm profile
Explore more from Withers LLP

Withers BVI has been acting for a group of BVI companies in connection with the worldwide litigation between the founders of the IKOS quant hedge fund.

British Virgin IslandsLitigation, Mediation & Arbitration
Niki Olympitis
Niki Olympitis
Author LinkedIn connections

Withers BVI has been acting for a group of BVI companies in connection with the worldwide litigation between former husband and wife, Martin Coward and Elena Ambrosiadou, the founders of the IKOS quant hedge fund.

The Claim was brought by Martin Coward, seeking inter alia a declaration that the assets of one of the companies were held on express trust for him. He also made additional claims relating to alleged fiduciary duties owed to him and an unlawful means conspiracy.

The companies defended the claims on the basis that the Particulars of Claim did not disclose the existence of an express trust, no fiduciary duties could be owed to the Claimant and there was no conspiracy. Consequently, they filed an application to strike out the Claim as failing to disclose a cause of action and/or having no realistic prospect of success.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Fraud, Asset Tracing And Recovery 2026 - British Virgin Islands (Commercial Dispute Resolution, CDR)

The British Virgin Islands has emerged as a leading jurisdiction for fraud litigation and asset recovery, offering sophisticated legal frameworks and powerful remedies for international disputes. This comprehensive guide examines the BVI's evolving approach to cross-border fraud cases, from injunctive relief and insolvency proceedings to cutting-edge challenges involving cryptocurrency assets and multi-jurisdictional enforcement.
British Virgin IslandsLitigation, Mediation & Arbitration
Carey Olsen
Carey Olsen
Article

BVI Court Prevents BVI Company From Redomiciling To Preserve Enforcement Against Its Shares

A BVI Court case examines whether a publicly traded company can be restrained from redomiciling to another jurisdiction when allegations of fraud and control by interested parties threaten to render enforcement of potential claims impossible. The proceedings reveal the complex interplay between corporate independence, jurisdictional authority, and the protection of alleged fraud victims in offshore litigation.
British Virgin IslandsLitigation, Mediation & Arbitration
Appleby
Appleby
Article

Navigating The Enforcement Of Foreign Judgments In The British Virgin Islands

The enforcement of foreign judgments in the British Virgin Islands presents unique challenges for judgment creditors seeking to recover assets through offshore structures. This examination of the BVI's legal framework reveals the strategic considerations that should inform dispute resolution from the outset, not merely after judgment has been obtained.
British Virgin IslandsLitigation, Mediation & Arbitration
Withers LLP
Withers LLP
Article

A 5% Wealth Tax? Preparing Clients For California's Billionaire Tax Act

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.
United StatesTax
Withers LLP
Withers LLP
Article

Navigating Florida’s New Trust, Probate And Series LLC Statutes

Florida has enacted significant statutory changes affecting trust administration, probate procedures, and business entity formation. These reforms introduce streamlined nonjudicial processes for trustee discharge, expand access to simplified probate administration, and establish a new framework for protected series LLCs that offers enhanced asset protection and operational flexibility for estate planners and business owners.
United StatesWealth Management
Withers LLP
Withers LLP
Article

Major Overhaul Of F-1, J-1: End Of "Duration Of Status" Or "D/S" - Fixed Admission Periods And New Extension Of Stay Requirements

The Department of Homeland Security has published a final rule eliminating the long-standing "duration of status" framework for F-1 students, J-1 exchange visitors, and I foreign media representatives, replacing it with fixed admission periods capped at four years. Students and exchange visitors who need additional time will now be required to file Extension of Stay applications with USCIS or depart and re-enter the United States. The rule, effective September 15, 2026, introduces significant restrictions o
United StatesImmigration
Withers LLP
Withers LLP
Article

New Chinese Mainland Offshore Trust Tax Regime: Immediate Implications For Settlors, Beneficiaries And Trustees

China's Ministry of Finance and State Taxation Administration have issued comprehensive new regulations governing offshore trust taxation, creating a framework that applies throughout the entire lifecycle of offshore trusts from initial funding to succession. These sweeping changes, effective immediately with a 90-day compliance window, impose Chinese Mainland taxes at multiple points for residents who have established offshore trusts, while also extending reach to non-residents with Chinese Mainland-source
ChinaTax
Withers LLP
Withers LLP