On 20th November 2017 the Court of Appeal handed down its judgment in the latest round of litigation arising out of the fallout of Bernard Madoff's multi-billion-dollar ponzi scheme. 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).

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