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Offshore Cases

Cukurova Finance International Limited and Cukurova Holdings AF -v- Alfa Telecom Turkey Limited

December 2011 Procedure

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

PROCEDURE - BVI APPEALS - STAY OF PROCEEDINGS PENDING APPEAL - ENFORCEMENT OF SHARE CHARGES

This Claim concerned the enforcement of share charges given by Cukurova to secure sums totaling approximately US$1.352 billion advanced under a loan facility by Alfa to Cukurova. The Court of Appeal previously granted several declarations which concerned Alfa’s rights and ownership of 51 shares following default under the loan facility.

The Court of Appeal brought clarity and certainty on the law concerning the jurisdiction of the Court of Appeal to stay the execution of its own order when granting leave to appeal to the Privy Council. It had been contended that the code of procedure for appeals to the Privy Council constituted by the Virgin Islands (Appeals to Privy Council) Order, 1967 and the Judicial Committee (Appellate Jurisdiction) Rules Order, 2009 (the “2009 Judicial Committee Order”) has impliedly and altogether excluded the Court of Appeal’s inherent jurisdiction to stay an order of its own and continue or grant an injunction pending an appeal to the Privy Council, where to do otherwise may render the appeal, if successful, nugatory.

 

To continue reading full articles in PDF format:
Cukurova Finance International Limited and Cukurova Holdings AF -v- Alfa Telecom Turkey Limited

 

Accolades
_

"Few firms can come close to Conyers on one critical metric, and this is the breadth of the client base."
- IFLR1000

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

Cukurova Finance International Limited and Cukurova Holdings AF -v- Alfa Telecom Turkey Limited

01 December 2011

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

PROCEDURE - BVI APPEALS - STAY OF PROCEEDINGS PENDING APPEAL - ENFORCEMENT OF SHARE CHARGES

This Claim concerned the enforcement of share charges given by Cukurova to secure sums totaling approximately US$1.352 billion advanced under a loan facility by Alfa to Cukurova. The Court of Appeal previously granted several declarations which concerned Alfa’s rights and ownership of 51 shares following default under the loan facility.

The Court of Appeal brought clarity and certainty on the law concerning the jurisdiction of the Court of Appeal to stay the execution of its own order when granting leave to appeal to the Privy Council. It had been contended that the code of procedure for appeals to the Privy Council constituted by the Virgin Islands (Appeals to Privy Council) Order, 1967 and the Judicial Committee (Appellate Jurisdiction) Rules Order, 2009 (the “2009 Judicial Committee Order”) has impliedly and altogether excluded the Court of Appeal’s inherent jurisdiction to stay an order of its own and continue or grant an injunction pending an appeal to the Privy Council, where to do otherwise may render the appeal, if successful, nugatory.

 

To continue reading full articles in PDF format:
Cukurova Finance International Limited and Cukurova Holdings AF -v- Alfa Telecom Turkey Limited

 

 

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