- within Accounting and Audit, Immigration and Insurance topic(s)
In a dispute involving the issuance and vesting of cryptocurrency tokens our team of experts recently sought and obtained a proprietary injunction restraining the respondent from dealing with or disposing of a number of crypto tokens pending the determination of the dispute.
In granting the order the BVI Court has followed established BVI authority in Chainswap1 and Torque Group2 that fungible tokens are to be treated as property, and demonstrated that it will move swiftly and on short notice to protect assets that are deemed to be at risk.
Murray Laing, partner in our BVI insolvency and dispute resolution team commented: "this is a welcome outcome for stakeholders dealing with a BVI company's digital assets".
Walkers are regularly instructed on high-value cross-border disputes and were able to deploy resources from different jurisdictions and time zones over a short period of time in order to successfully obtain the relief sought. If you or your clients require urgent assistance in the order to protect assets held by a BVI company, please do not hesitate to get in touch.
Footnotes
1. BVIHC(COM)2022/0031
2. BVIHC9COM)2021/0031
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