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The British Virgin Islands Commercial Court has recently delivered a decision in Western Union International Limited vs. Reserve International Liquidity Fund Ltd. which will be of interest to all fund managers and practitioners. In particular, the case considers (i) the redemption process and the point in time at which a redeeming shareholder becomes a creditor and ceases to be a shareholder of a fund; and (ii) the appointment of a BVI liquidator to a fund which is already subject to liquidation proceedings in another jurisdiction. This article provides an outline of the key points of the case.
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British Virgin Islands New Mutual Fund Case