The judgment brings further clarity to the question of standing with respect to applications made under Section 273 of the BVI Insolvency Act 2003 (the Act).

The appellants were the former shareholders of Fairfield Sentry Ltd (In Liquidation) (Fairfield) which had operated as the largest feeder fund to Madoff’s company BLM Investment Securities (BLMIS). The respondents were the court appointed liquidators (the Liquidators) following the insolvency of Fairfield and the other corporate respondents (the Funds).

Click below to read more. Feel free to get in touch with your usual Appleby contacts for further details.

Read more

Share
Twitter LinkedIn Email Save as PDF
More Publications
28 Apr 2022

Restructuring the offshore debt of Chinese Real Estate Developers

This article sets out how the current regimes in the Cayman Islands and the BVI can assist with rest...

Contributors: Crystal Au-Yeung
28 Apr 2022

Assignment, novation or sub-participation of loans             

Transfers of loan portfolios between lending institutions have always been commonplace in the financ...

17 Mar 2022

Lexology chapter: Private Equity (Transactions) 2022 – British Virgin Islands

The Lexology Private Equity (Transactions): Global overview is an easy-to-use reference guide that p...

Contributors: Stuart Fee
28 Oct 2021

BVI – Protecting Personal Data: Are You Prepared?

The BVI Data Protection Act, 2021 (DPA) came into force on 9 July 2021. Drafted around a set of EU-...

Contributors: Peter Colegate
4 Oct 2021

The Last Rites for the Siskina?

On 4 October 2021, the Judicial Committee of the Privy Council delivered its much anticipated decisi...

Contributors: Eliot Simpson
6 Sep 2021

Lexology chapter: Private Equity (Transactions)

The Lexology Private Equity (Transactions): Global overview is an easy-to-use reference guide that p...

11 Jun 2021

Trust Disputes and the BVI Trustee (Amendment) Act, 2021

In the Trustee (Amendment) Act 2021 (the “Amendment Act”) the BVI legislature has made a number ...

Contributors: Crystal Au-Yeung
25 Mar 2021

Full Steam Ahead at the Jersey Ships Registry

Against a backdrop of uncertainty surrounding Brexit and the difficulties created by the global pand...

12 Mar 2021

Material adverse change clauses in light of the Covid-19 pandemic

Experts from each of our key global offices provide jurisdiction specific advice and answer question...