ARTICLE · 12 APRIL 2010

Legal Update: BVI Case Notes

Harneys

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New Commercial Court rules now apply. See link here for ease of reference. The new rules deal with a number of procedural points including case management conferences, pre-trial reviews and also include significant changes to the previous High Court costs regime.

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New Rules

New Commercial Court rules now apply. See link here for ease of reference. The new rules deal with a number of procedural points including case management conferences, pre-trial reviews and also include significant changes to the previous High Court costs regime.

Insolvent Funds

There continues to be numerous issues surrounding the "creditor/investor" debate in fund's litigation. There have been a number of cases of particular note. First of all Citco Global v Y2K Finance where a winding up petition was brought on two basis. First of all, alleged improper redemption payments made by the fund prior to the suspension of redemptions. The Commercial Court was of the view that it would not permit minority shareholders to wind up a company on the basis that it had, or might have, claims against its directors as this would be inconsistent with the rule in Foss v Harbottle (1843) 2 Hare 461.

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