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Offshore Cases

BNY AIS Nominees Limited, Gottex ABL (Cayman) Limited, Gottex ABI Master Fund Limited, Gottex Matrix Asset Focused Master Fund Limited, Hudson ABL Fund Limited, GVA ABL Portfolio Limited -v- New Stream Capital Fund Limited [2012] SC (Bda) 66 Civ

November 2012 Companies

BERMUDA

SUPREME COURT

COMPANIES - SEGREGATED ACCOUNTS COMPANY - COSTS - SECTION 18, 19 AND 20 OF THE SEGREGATED ACCOUNTS ACT 2000 (THE “ACT”)

The Defendant in this case was New Stream Capital Fund Limited, a segregated accounts company (“the Company”). On 27 May 2010, a Judgment was delivered in favour of the Plaintiffs to this action which determined that a Receiver should be appointed in respect of two share classes of the Company (of which the Plaintiffs owned 100%). The Judgment awarded costs to the Plaintiffs to be taxed if not agreed on the standard basis. An ‘Interim Declaratory Order’ was then signed on 18 June 2010, which provided that Costs: “were reserved, with liberty for the Plaintiffs to apply for costs in their favour, in the event that these are not agreed with the Defendant”.

The Plaintiffs subsequently issued a Summons for costs on 21 June 2012 with argument surrounding whom the costs order should be made against having regard to the fact that the Company is a segregated accounts company. The choices were between: a) the Company’s (presumably illiquid) general account; or b) all or some of the Company’s segregated accounts in which all of the Company’s real value lies.

 

To continue reading full articles in PDF format:
BNY AIS Nominees Limited, Gottex ABL (Cayman) Limited, Gottex ABI Master Fund Limited, Gottex Matrix Asset Focused Master Fund Limited, Hudson ABL Fund Limited, GVA ABL Portfolio Limited -v- New Stream Capital Fund Limited [2012] SC (Bda) 66 Civ

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

BNY AIS Nominees Limited, Gottex ABL (Cayman) Limited, Gottex ABI Master Fund Limited, Gottex Matrix Asset Focused Master Fund Limited, Hudson ABL Fund Limited, GVA ABL Portfolio Limited -v- New Stream Capital Fund Limited [2012] SC (Bda) 66 Civ

01 November 2012

BERMUDA

SUPREME COURT

COMPANIES - SEGREGATED ACCOUNTS COMPANY - COSTS - SECTION 18, 19 AND 20 OF THE SEGREGATED ACCOUNTS ACT 2000 (THE “ACT”)

The Defendant in this case was New Stream Capital Fund Limited, a segregated accounts company (“the Company”). On 27 May 2010, a Judgment was delivered in favour of the Plaintiffs to this action which determined that a Receiver should be appointed in respect of two share classes of the Company (of which the Plaintiffs owned 100%). The Judgment awarded costs to the Plaintiffs to be taxed if not agreed on the standard basis. An ‘Interim Declaratory Order’ was then signed on 18 June 2010, which provided that Costs: “were reserved, with liberty for the Plaintiffs to apply for costs in their favour, in the event that these are not agreed with the Defendant”.

The Plaintiffs subsequently issued a Summons for costs on 21 June 2012 with argument surrounding whom the costs order should be made against having regard to the fact that the Company is a segregated accounts company. The choices were between: a) the Company’s (presumably illiquid) general account; or b) all or some of the Company’s segregated accounts in which all of the Company’s real value lies.

 

To continue reading full articles in PDF format:
BNY AIS Nominees Limited, Gottex ABL (Cayman) Limited, Gottex ABI Master Fund Limited, Gottex Matrix Asset Focused Master Fund Limited, Hudson ABL Fund Limited, GVA ABL Portfolio Limited -v- New Stream Capital Fund Limited [2012] SC (Bda) 66 Civ

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com