Incredible Power - Leave Requirements In A Derivative Action BVI BCA 2004

Harneys recently acted for the successful claimant on an application for her costs of a discontinued strike out application which was brought by the defendants as part of an ongoing multi-jurisdictional family dispute. The claimant's substantive action in the BVI involved derivative proceedings which she had brought on behalf of a company that was domiciled in Liberia, for the recovery of funds which she alleged had been wrongfully paid to another entity. In considering that application, the BVI Commercial Court gave clear guidance on whether the provisions of section 184C of the BVI Business Companies Act 2004 (the BCA) will apply in respect of companies incorporated out of the jurisdiction.