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Maria Helen Moraes Scripilliti -v- Clomar Corporation Claim No. BVIHCV 222 of 2013

November 2013 Companies

BRITISH VIRGIN ISLANDS

HIGH COURT

BEARER SHARES – EFFECT OF FAILURE TO DEPOSIT WITH CUSTODIAN – ABILITY TO TRANSFER DISABLED BEARER SHARES TO COMPANY FOR CONVERSION, EXCHANGE, REDEMPTION, PURCHASE

The Applicant applied for relief in her personal capacity and as administratrix of the estate of Clovis Scriptilliti (the “Estate”). She sought declarations that the shares in Clomar Corporation, a BVI company, (the “Company”) were legally and/or beneficially owned 50:50 by the Estate and herself respectively and an Order rectifying the Company’s register of members to reflect that fact under Section 43(1) of the BVI Business Companies Act, 2004 (“BCA”). The shares in the Company had been issued as bearer shares.

Two issues arose: the first, whether personal service on a former Registered Agent was proper service on the Company. The Court held that it was not but that the Company might have been properly served on the registered office under BCA Section 101.

 

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Maria Helen Moraes Scripilliti -v- Clomar Corporation Claim No. BVIHCV 222 of 2013

 

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