Offshore Litigation Blog

The Cayman Islands Grand Court has awarded indemnity costs in respect of an abusive application for the deferral of a company’s dissolution upon the completion of its voluntary liquidation: In re Skye Assets Fund SPC (in Voluntary Liquidation).

JCPC holds that shareholders may have a personal action against the company in circumstances where their shares have been improperly diluted: Tianrui (International) Holding Company Ltd v China Shanshui Cement Group Ltd

The recent Cayman Islands case of In the Matter of TFKT True Holdings provides valuable insight to the factors considered by the Grand Court when determining whether to grant a stay of a winding up petition pending the determination of parallel proceedings in Hong Kong.

The recent decision of In the matter of China Index provides a further reminder of the principles determining the quantification of an interim payment in fair value appraisal matters in the Cayman Islands. The Grand Court also considered the utility of publishing interim payment judgments in the context of section 238 litigation on the grounds of public interest.

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.

On 21 August 2024, the High Court of Hong Kong, Court of First Instance delivered its decision in the latest proceedings concerning Convoy Global Holdings Limited and its indirectly wholly owned subsidiary, Forthwise International Limited incorporated in the BVI.

In two recent decisions of the Hong Kong Court of First Instance handed down on the same date, the Hong Kong Court provided practical guidance as to when it would be justified for the Court to exercise its statutory power to call a general meeting of a company.

The decision in Credit Suisse London Nominees Limited v Principal Investing Fund I Limited and Chia Hsing Wang v LV II Investment Management Limited addressed an application seeking declarations that: 1) the company, Blue Water Ltd, of which the Plaintiff, Chia Hsing Wang (Mr Wang), is the ultimate beneficial owner, has a separate legal personality to him and; 2) Mr Wang is not liable for the obligations of Blue Water Ltd under the London Court of International Arbitration (LCIA) awards against it in favour of the Defendant, LV II Investment Management Limited (LV2IM).

The BVI Business Companies Act 2004 (the BCA) provides a remedy for members who dissent from proposed actions by the company in the form of a statutory right to have their shares bought out by the company for fair value.