The applicant took steps to enforce a BVI judgment recognising an arbitral award issued by the SHIAC arbitral tribunal in Shanghai.

The judgment debt had remained outstanding for one and a half years despite the applicant having demanded repayment from the judgment debtor on numerous occasions, even on an instalment basis. In light of the failure to pay, the applicant filed a fixed date claim form seeking a power of sale over the charged assets, namely shares in a BVI Company.

Typically in such cases, a receiver, being an independent officer of the Court, would be engaged by the judgment creditor and appointed by the Court to take on the sale process. However, on this occasion no appointment was sought.

The applicant successfully negotiated with the judgment debtor that the power of sale be granted, subject to a further hearing to determine the detailed mechanism to be decided on the sale process, including whether all charged assets should be sold and the form and parameters of any sale. The Court approved this proposal.

The case is continuing and Harneys is acting for the applicant.