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Black Swan wrongly decided

International & Offshore, Judgments

04 June 2020

In a judgment handed down on Friday 29 May 2020 in Broad Idea International Limited –v- Convoy Collateral Limited (BVICMAP 2019/0026), the Eastern Caribbean Court of Appeal (Pereira CJ, Blenman, Michel JAA) has ruled that the BVI Court cannot grant a free standing freezing injunction against a BVI company where that company is not a party to substantive proceedings either in the BVI or elsewhere.

In so deciding, the Court of Appeal has determined that the case of Black Swan Investments ISA –v- Harvest View Limited (Claim No BVIHCV 2009/399) ("Black Swan") was wrongly decided. The Court of Appeal also ruled that the assets of a BVI company are not to be considered the assets of its shareholders such that the company's assets may be subject to a freezing injunction.

Richard Morgan QC acted for the successful Appellant, instructed by Walkers (Rosalind Nicholson & Murray Laing (Partners) and Catherine O'Connell (Associate)).

 To read the full judgment, please click here.

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