Harneys represents the joint liquidators of Phoenix BVI

Harneys acted as BVI counsel to Ryan Jarvis and John Johnston as joint liquidators of Phoenix BVI, in ICM SPC on Behalf of Ancile Special Opportunity And Recovery Fund Segregated Portfolio (ASOR) v Ryan Jarvis et al in connection with an application brought by ASOR to have it removed from the settled list of members on the basis that it had never “agreed in writing” to become a shareholder.

In its judgment, handed down at the end of last week, the Court clarifies Section 49 of the Business Companies Act, finding that the requirement to “agree in writing” does not necessitate a written contract; it is sufficient that the shareholder has indicated in writing their consent to become a shareholder. The Court was prepared to consider contemporaneous emails and other documents in determining whether this had been done. Consequently, the Court determined that ASOR remained a shareholder of Phoenix BVI until the winding up commenced. This judgment empowers the client to proceed against the shareholder to recover the valuable unpaid consideration for shares.

London-based Partner Jeremy Child led the Harneys team with support from BVI-based Senior Associate Jhneil Stewart. David Chivers KC of Erskine Chambers also acted for the Joint Liquidators. Jeremy commented: “We are delighted to have won this case for our clients, further adding to the success of our Litigation & Insolvency department. The judgment reaffirms our unparalleled expertise and global reach, allowing us to lead the offshore market in handling the most significant and complex cross-border cases. We remain dedicated to achieving the best possible results for our clients, no matter the complexity or jurisdictional challenges involved.”

Harneys’ experienced team of offshore litigation and insolvency specialists spans the globe with offices in the BVI, Cayman, Bermuda, Hong Kong, London, Shanghai, and Singapore. The firm provides clear, timely, and innovative solutions for its clients in complex multi-jurisdictional disputes. The firm has acted, and continues to act, for some of the world’s largest corporations, including the Big Four accounting firms and the world’s leading law firms.