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Kenneth M. Krys And Johanna Lau (As Joint Liquidators Of Fairfield Sentry Limited, In Liquidation) -v- Stichting Shell Pension Funds HCVAP 2011/36

September 2012 LiquidationWinding UpInsolvency

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

INSOLVENCY ACT – BVI APPEALS – SUBMITTING A CLAIM IN LIQUIDATION IS SUBMITTING TO THE JURISDICTION OF THE BVI COURT – INSOLVENCY RECOGNITION

In an important decision reflecting on the universality principle of one liquidation having effective cross border impact on the gathering of assets, the Court of Appeal allowed an appeal by the Liquidators of Fairfield Sentry (the largest fund investor into Madoff, and a BVI company) granting an anti-suit injunction against the Dutch Respondent restraining it from continuing Dutch proceedings based on pre-judgment garnishee orders obtained in Holland for the purpose of elevating Stichting Pension Funds (“Shell”) to a preferred creditor position over the general body of creditors.

 

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Kenneth M. Krys And Johanna Lau (As Joint Liquidators Of Fairfield Sentry Limited, In Liquidation) -v- Stichting Shell Pension Funds HCVAP 2011/36

 

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