Ms Vicky Lord

Vicky Lord

Updates

Arbitration & ADR

Sixtieth anniversary of New York Convention – time to choose BVI arbitration and enforcement
British Virgin Islands | July 05 2018

The British Virgin Islands is a pro-arbitration jurisdiction. Under the Arbitration Act, with regard to both New York Convention awards and non-New York Convention awards, the party against which the award has been made can make representation to the court regarding a refusal to enforce. An example of the British Virgin Islands' pro-enforcement approach can be seen in Belport Development Limited v Chimichanga Corporation.

Corporate Finance/M&A

Seeking fair value: court provides guidance for appraisers valuing shares
British Virgin Islands | February 18 2015

The BVI Commercial Court recently issued important guidance to accountancy professionals, BVI companies and their shareholders as to how shares should be valued following a squeeze-out, merger or dissent from other restructuring provisions. The decision is consistent with the court's proactive stance in assisting parties utilising the restructuring mechanisms provided under the act.

Insolvency & Restructuring

Primeo: should a liquidator alter register of members?
Cayman Islands | April 20 2018

The Cayman Islands Court of Appeal has held that a liquidator cannot use his or her statutory power pursuant to Section 112(2) of the Companies Law to rectify the register of members where the effect would be to override investors' proprietary rights. It held that the section does not aim to provide for substitution of incorrect net asset value if, despite its incorrectness, it has been calculated in accordance with a member's contractual rights.

Fairfield Sentry – new guidance from BVI Court
British Virgin Islands | April 01 2016

The Fairfield Sentry saga continued recently with a new BVI judgment concerning the status of the related US Bankruptcy Court proceedings. The applicants were former registered shareholders of the Fairfield Sentry and Fairfield Lambda BVI feeder funds which had redeemed their shares before Bernard Madoff's fraud was exposed. They sought to prevent the liquidators of the funds from recovering their redemption payments in the US proceedings.

Litigation

Trusts and disclosure: a recent lesson
British Virgin Islands | July 31 2018

A recent BVI decision highlights the need for trustees to think carefully and, if in doubt, take advice before refusing an information request from a beneficiary. The consequences of getting this wrong (not least in potential personal cost exposure for the trustee) can be severe.

Avoiding evasion: court takes pragmatic approach to serving uncooperative defendants abroad
British Virgin Islands | June 19 2018

International litigation and asset recovery require the pursuit of defendants and their assets across borders; therefore, it is a routine aspect of BVI litigation for claimants to serve legal documents abroad. Two recent decisions should significantly decrease the delay in effecting service abroad and pave the way for a more efficient approach to service out in the future.

Shanda Games: Court of Appeal confirms timing for leave to appeal to Privy Council
Cayman Islands | June 05 2018

Appeals to the Privy Council from the Court of Appeal are regulated in the Cayman Islands (Appeals to Privy Council) Order 1984. However, the order does not provide for how to determine the date of a decision. The Court of Appeal recently ruled that for the purposes of an application for leave to appeal to the Privy Council, time runs from the date on which an order is sealed or perfected, not the date on which the judgment is delivered.

Court of Appeal rules on dissenters' discovery
Cayman Islands | May 15 2018

The Cayman Islands Court of Appeal has released its decision in the appeal of a directions order on the issue of whether dissenting shareholders in appraisal actions under Section 238 of the Companies Law are required to give discovery. The court emphasised the danger in forming a priori assumptions regarding relevance and concluded that there was insufficient justification for adopting an "extreme and unique" position of one-sided disclosure in Section 238 cases.

At what costs? Ruling raises questions about BVI Legal Profession Act
British Virgin Islands | June 28 2016

The Court of Appeal was recently asked to adjudicate on the costs of a foreign firm that had assisted BVI practitioners in an application for security for costs. The respondents objected to these costs being recovered, on the basis that the firm's lawyers were not licensed to practise BVI law under the Legal Profession Act. The court agreed. However, in seeking to settle the law in this area, the decision has opened up further questions.

Private Client & Offshore Services

Trusts and disclosure: a recent lesson
British Virgin Islands | August 02 2018

A recent BVI decision highlights the need for trustees to think carefully and, if in doubt, take advice before refusing an information request from a beneficiary. The consequences of getting this wrong (not least in potential personal cost exposure for the trustee) can be severe.

Sixtieth anniversary of New York Convention – time to choose BVI arbitration and enforcement
British Virgin Islands | July 05 2018

The British Virgin Islands is a pro-arbitration jurisdiction. Under the Arbitration Act, with regard to both New York Convention awards and non-New York Convention awards, the party against which the award has been made can make representation to the court regarding a refusal to enforce. An example of the British Virgin Islands' pro-enforcement approach can be seen in Belport Development Limited v Chimichanga Corporation.

Avoiding evasion: court takes pragmatic approach to serving uncooperative defendants abroad
British Virgin Islands | June 14 2018

International litigation and asset recovery require the pursuit of defendants and their assets across borders; therefore, it is a routine aspect of BVI litigation for claimants to serve legal documents abroad. Two recent decisions should significantly decrease the delay in effecting service abroad and pave the way for a more efficient approach to service out in the future.

Shanda Games: Court of Appeal confirms timing for leave to appeal to Privy Council
Cayman Islands | May 31 2018

Appeals to the Privy Council from the Court of Appeal are regulated in the Cayman Islands (Appeals to Privy Council) Order 1984. However, the order does not provide for how to determine the date of a decision. The Court of Appeal recently ruled that for the purposes of an application for leave to appeal to the Privy Council, time runs from the date on which an order is sealed or perfected, not the date on which the judgment is delivered.

Court of Appeal rules on dissenters' discovery
Cayman Islands | May 10 2018

It has long been argued that no sui generis category of litigants is exempt from the general rules of discovery, which aim to protect the integrity of the litigation process. The Cayman Islands Court of Appeal recently released its decision in the appeal of a directions order, in which the contested issue was whether dissenting shareholders in appraisal actions under Section 238 of the Companies Law are required to give discovery.

Primeo: should a liquidator alter register of members?
Cayman Islands | April 19 2018

The Cayman Islands Court of Appeal has held that a liquidator cannot use his or her statutory power pursuant to Section 112(2) of the Companies Law to rectify the register of members where the effect would be to override investors' proprietary rights. It held that the section does not aim to provide for substitution of incorrect net asset value if, despite its incorrectness, it has been calculated in accordance with a member's contractual rights.

At what costs? Ruling raises questions about BVI Legal Profession Act
British Virgin Islands | June 23 2016

The Court of Appeal was recently asked to adjudicate on the costs of a foreign firm that had assisted BVI practitioners in an application for security for costs. The respondents objected to these costs being recovered, on the basis that the firm's lawyers were not licensed to practise BVI law under the Legal Profession Act. The court agreed. However, in seeking to settle the law in this area, the decision has opened up further questions.

Fairfield Sentry – new guidance from BVI Court
British Virgin Islands | March 31 2016

The Fairfield Sentry saga continued recently with a new BVI judgment concerning the status of the related US Bankruptcy Court proceedings. The applicants were former registered shareholders of the Fairfield Sentry and Fairfield Lambda BVI feeder funds which had redeemed their shares before Bernard Madoff's fraud was exposed. They sought to prevent the liquidators of the funds from recovering their redemption payments in the US proceedings.

Seeking fair value: court provides guidance for appraisers valuing shares
British Virgin Islands | February 19 2015

The BVI Commercial Court recently issued important guidance to accountancy professionals, BVI companies and their shareholders as to how shares should be valued following a squeeze-out, merger or dissent from other restructuring provisions. The decision is consistent with the court's proactive stance in assisting parties utilising the restructuring mechanisms provided under the act.


Client Choice 2014 International winner