Interim injunctive relief is a powerful tool and the ability to
freeze a defendant's assets to prevent dissipation before a
matter reaches trial can be an important protective step. What
options are available if a defendant holds his assets in a BVI
Business Company? If the substantive litigation is not brought
within the BVI, can a claimant still look to freeze the assets of
the BVI companies?
Historically, it was assumed that the answer was "no".
However, In Black Swan Investments I.S.A. v Harvest View
Limited and Others BVIHCV 2009/399 ("Black
Swan"), Mr Justice Bannister QC, sitting in the
Commercial Division of the High Court of the Virgin Islands, held
that the BVI Court could and should grant injunctive relief in
support of foreign proceedings in certain circumstances. The
judge's reasoning was considered and approved by the Eastern
Caribbean Supreme Court of Appeal in Yukos CIS Investments
Limited and Others v Yukos Hydrocarbons Investments Limited and
Others
