Offshore Litigation Blog

In a recent hearing to obtain a power of sale before the BVI Commercial Court, as part of the enforcement of an arbitral award, a power of sale was granted to the applicant without the need for any receiver to be appointed.

In the recent case of Chow v Tong [2024] HKCFI 2737, the Hong Kong Court of First Instance (the Court) provides helpful guidance on the interpretation and enforcement of exclusive jurisdiction clauses. This approach will have a bearing on the circumstances in which the Court will grant a stay of proceedings or find that the principle of forum non conveniens applies on the basis of arguments regarding jurisdiction. The ruling also reaffirms the long-held position regarding strangers to a trust, as well as the rights of beneficiaries to obtain trust documents.

In the recent English case of Joyvio Group Ltd v Moreno, the Commercial Court granted a stay of English proceedings on the grounds of forum non conveniens.

In iKang Healthcare Group Inc, the Grand Court of the Cayman Islands has released its judgment on the issues of the fair rate of interest under section 238(11) of the Companies Act and the costs of the proceedings. The Court’s fair value judgment was released back in June 2023.

The Grand Court of the Cayman Islands delivered an unusual judgment in section 238 proceedings to determine the fair value of merger dissenters’ shares in an unlisted company, Xingxuan Technology Ltd. Unlike typical management buy-outs where the majority shareholders acquire the shares of the minority, Xingxuan was acquired by a competitor. The trial was uncontested as Xingxuan neither appeared nor had legal representation. The dissenter’s valuation expert gave oral evidence without being cross-examined – described by Justice Kawaley as a “Black Swan” event.

In the world of trust law, the principle that "equity will not assist a volunteer by completing an imperfect gift" has endured for over a century. This principle was established in the historical case of Milroy v Lord (1862) 2 GF & J 264 and continues to be instructive in trust and estate disputes to this day.

The General Court of the European Union in its recent judgment delivered on 21 February 2024 dismissed the request of several dairy companies to annul the registration of “Halloumi”, the Cypriot cheese delicacy, as a protected designations of origin (PDO) and a protected geographical indication (PGI).

In Mex Group Worldwide Ltd v Ford (Mex Group) the English Court of Appeal considered an appeal against a decision to set aside a worldwide freezing order, originally granted under section 25 of the Civil Jurisdiction and Judgments Act 1982 (Section 25), sought in aid of proceedings before the Scottish Court relating to conspiracy claims.

In the recent decision of In the Matter of Madera Technology Fund (CI), Ltd, the Cayman Islands Grand Court considered the principles and authorities in relation to the determination of the valuation date for a buy-out order as an alternative remedy to a just and equitable winding-up petition.