All posts by campbellslegal

Cayman Islands Court of Appeal rules on restraint of foreign claims against third parties

10 Oct 2018

In a judgment delivered on 8 October 2018, the Cayman Islands Court of Appeal (“CICA”) allowed a partial appeal by the joint official liquidators of Argyle Funds SPC Inc. (in Official Liquidation) (“Argyle”) against an anti-suit injunction of the Grand Court of the Cayman Islands that had restrained Argyle from continuing litigation in the Supreme Court of the State of New York against three parties related to Argyle’s former statutory auditor, BDO Cayman Ltd (“BDO Cayman”).

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Significant Decision of the Eastern Caribbean Supreme Court – Court of Appeal: Jurisdiction and Service Out

21 Sep 2018

On 18 September 2018 the Court of Appeal handed down judgment on the matter of Livingston Properties Equities Inc and Ors v JSC MCC EuroChem and Ors. The case is important because it sets out the criteria to be applied when considering whether a proceeding involving issues of foreign law and foreign defendants should properly be brought in BVI or in some other jurisdiction.

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Taking security over a BVI limited partnership interest – issues for lenders

02 Aug 2018

We note that interest is growing in the new form of British Virgin Islands limited partnership that can be registered under the Limited Partnership Act 2017 (the “Act”). In the context of banking and finance transactions, there is increasing awareness among lenders of the ability to take security over limited partnership interests. Taking security over limited partnership interests can be useful in a variety of finance transactions, whether the security is being granted by the borrower or a third party.

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Volume of Open Justice Turned Down: Confidentiality Orders in Trust Administration

How to strike the balance between open justice and confidentiality? In reasons delivered on 25 July 2018 in respect of an Ex Parte Originating Summons (“Confidentiality Summons”) issued in March 2018 in connection with In the Matter of Settlement dated 16 December 2009, the Grand Court of the Cayman Islands considered whether to make confidentiality orders in the context of a case involving the proper administration of a Cayman Islands discretionary trust. The application raised constitutional and public policy issues pertaining to the tension between the constitutionally-enshrined requirements of open justice and legitimate private grounds for confidentiality.

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