Offshore Litigation Blog

The recent decision of the England and Wales Court of Appeal in King Crude Carriers SA & Ors v Ridgebury November LLC & Ors confirms the acceptance of the “Mackay v Dick” principle as a matter of English Law.

In the recent decision of In the Matter of Tyr Capital Partners SPC Ltd, the Grand Court of the Cayman Islands considered an application by Tyr Capital Partners SPC Ltd (the Fund) seeking an order that a winding up petition issued by TGT GP (the Petitioner) against the Fund be struck out pursuant to section 95(2) of the Companies Act (2023 Revision) which provides that where a petitioner is contractually bound not to present a winding-up petition, the court shall dismiss or adjourn the hearing of the petition.

In a recent decision of the Hong Kong Court of First Instance in In the Matter of Dexin China Holdings Company Ltd, the Court considered an application for a validation order in respect of the transfer of shares in a Cayman company listed on the Hong Kong Stock Exchange facing a winding up petition (the Petition) in Hong Kong based on an unsatisfied statutory demand.

The Privy Council has reversed years of settled law on the interplay between insolvency and arbitration proceedings.

It is widely accepted in the BVI, Cayman Islands and Bermuda courts, as well as other common law jurisdictions, that an asset disclosure order is an ancillary order which gives a freezing injunction “its teeth” and the purpose for which they are made is to police that freezing order. But how is the court persuaded to bite?

In the recent decision of Magomedov & others v PJSC Transneft & others , the English High Court provided guidance on the circumstances in which the court may grant anti-anti suit injunctive ancillary relief restraining parties from proceeding with foreign anti-suit proceedings, in the absence of any contractual agreement conferring exclusive jurisdiction on the English Court.

In another major success for a Harneys team run out of its London office, Justice Mangatal’s judgment is the first to clarify the proper interpretation of s49 of the BVI Business Companies Act 2004 (BCA). The judgment resolves a longstanding question as to the necessary formalities for a person to become a shareholder in a BVI company.

In the recent decision of Re C-Retail Ltd, the English High Court ordered the disclosure of documents to assist a creditor to decide whether to support or oppose a Part 26A restructuring plan.

In the recent and important decision of Re Shandong Chenming Paper Holdings Ltd, the Hong Kong Court of Appeal confirmed that an arbitrable cross-claim against the petitioner can be a ground for dismissal of a winding-up petition.