Dec 2012
BRITISH VIRGIN ISLANDS
HIGH COURT (COMMERCIAL DIVISION)
SECTION 184I OF THE BVI BUSINESS COMPANIES ACT – MEMBERS REMEDIES – OPPRESSION AND UNFAIR PREJUDICE – APPOINTMENT OF A LIQUIDATOR ON JUST AND EQUITABLE GROUNDS – SECTION 162(1)(B) OF THE INSOLVENCY ACT, 2003
This Claim was brought in the Commercial Court by Chemtrade Limited (“Chemtrade”) against Fuchs Petrolub AG (“Fuchs”), both 50% shareholders of a BVI registered Company called Fuchs Oil Middle East Limited (“FOMEL”). The Claim alleged oppression and unfair prejudice by Fuchs in relation to the conduct of the affairs of FOMEL. Chemtrade sought relief by way of an order that Fuchs be required to buy its shares in FOMEL pursuant to Section 184I(2)(a) of the BVI Business Companies Act, 2004. Fuchs denied the allegations of oppression and unfair prejudice and sought the appointment of a liquidator to FOMEL, on the just and equitable ground, pursuant to Section 162(1)(b) of the Insolvency Act, 2003.