British Virgin Islands:
BVI Judgment: Limitations On The Court's Supervisory Jurisdiction Over Its Officers
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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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