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In the Matter of Sturgeon Central Asia Balanced Fund Ltd. and in the Matter of the Companies Act 1981 [2017] (Bda) 55 Com (14 July 2017)

July 2017 Shareholder Disputes Bye-law

BERMUDA

SUPREME COURT

WINDING UP ON JUST AND EQUITABLE GROUNDS - FUND - RIGHTS OF PARTICIPATING SHAREHOLDERS - CONSTRUCTION OF BYE-LAWS

A petition was brought by participating shareholders in the Sturgeon Central Asia Balanced Fund (the “Fund”), a closed-ended investment fund for Japanese regulatory purposes, was listed on the Irish Stock Exchange and therefore was open-ended to wind it up on just and equitable grounds. The central complaint brought on behalf of the participating shareholders was that the management shareholders, had overridden the right conferred in the bye-laws, which, it was alleged, entitled the participating shareholders to vote on whether or not the fund should be wound up. The underlying commercial issue was that the investors wanted an exit and sought to construe the bye-laws as either requiring the company to be wound up on a certain date and/or as conferring on them the right to vote to determine whether it should be wound up.

 

To continue reading full articles in PDF format:
In the Matter of Sturgeon Central Asia Balanced Fund Ltd. and in the Matter of the Companies Act 1981 [2017] (Bda) 55 Com (14 July 2017)

 

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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

In the Matter of Sturgeon Central Asia Balanced Fund Ltd. and in the Matter of the Companies Act 1981 [2017] (Bda) 55 Com (14 July 2017)

24 July 2017

BERMUDA

SUPREME COURT

WINDING UP ON JUST AND EQUITABLE GROUNDS - FUND - RIGHTS OF PARTICIPATING SHAREHOLDERS - CONSTRUCTION OF BYE-LAWS

A petition was brought by participating shareholders in the Sturgeon Central Asia Balanced Fund (the “Fund”), a closed-ended investment fund for Japanese regulatory purposes, was listed on the Irish Stock Exchange and therefore was open-ended to wind it up on just and equitable grounds. The central complaint brought on behalf of the participating shareholders was that the management shareholders, had overridden the right conferred in the bye-laws, which, it was alleged, entitled the participating shareholders to vote on whether or not the fund should be wound up. The underlying commercial issue was that the investors wanted an exit and sought to construe the bye-laws as either requiring the company to be wound up on a certain date and/or as conferring on them the right to vote to determine whether it should be wound up.

 

To continue reading full articles in PDF format:
In the Matter of Sturgeon Central Asia Balanced Fund Ltd. and in the Matter of the Companies Act 1981 [2017] (Bda) 55 Com (14 July 2017)

 

 

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