ARTICLE · 30 MAY 2017

And Cayman Islands – Litigation Wrap-Up 2016

Travers Thorp Alberga

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The BVI and Cayman Courts are usually the work horses of the Caribbean international financial centres. 2016 proved to be no different.

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The BVI and Cayman Courts are usually the work horses of the Caribbean international financial centres. 2016 proved to be no different. The past 12 months have seen important decisions coming out of both jurisdictions. We highlight some of the key decisions in this article.

BRITISH VIRGIN ISLANDS

Derivative Actions

In the case of Glory Advance International Limited v Merit Fortune Holdings Limited¹ the BVI court had to consider whether to grant leave to Glory Advance to bring a derivative action under section 184C of the BVI Business Companies Act, 2004 ("BC Act") in Hong Kong on behalf of its BVI subsidiary company, Merit Fortune to contest the voluntary appointment of liquidators in Hong Kong to Luck Silver Limited, the wholly owned subsidiary of Merit Fortune. The application was in effect a request for leave to bring a double derivative claim.

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