Interpleader Actions And The Summary Judgment Rules

INTRODUCTION

The Royal Court has clarified for the first time the application of the Royal Court Civil Rules (the "Rules") in relation to the use of the summary determination and judgment procedure in interpleader actions. The Judgment in the case of EFG Private Bank (Channel Islands) Limited v BC Capital Group SA (in liquidation) & Others (Royal Court, 14 July 2014) provides some helpful guidance as to the factors that will be considered when interpreting the Rules to determine whether or not a particular procedural order sought by a party falls within the Court's jurisdiction.

BACKGROUND

The interpleader proceedings were issued in March 2013 by EFG Private Bank (Channel Islands) Limited ("EFG") in respect of assets held in accounts in Guernsey (the "Assets"), on behalf of a number of hedge funds which were incorporated in the BVI (in one case, in Anguilla) (the "Hedge Funds"). The Hedge Funds are in liquidation, with two BVI insolvency practitioners