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Offshore Cases

Potential Might Group Limited -v- GST International Management Ltd (December 2011)

December 2011 Companies

BRITISH VIRGIN ISLANDS

HIGH COURT

COMPANIES - BVI - S.31 BCA - UNOPPOSED SUMMARY JUDGMENT APPLICATION - DEALINGS BETWEEN COMPANY AND THIRD PARTIES

The Claimant applied for Summary Judgment of its amended Statement of Claim which sought declarations that a subscription agreement entered into between it and GST International was binding, that the resolution of the Board which Potential relied on making its investment is valid and that the Claimant holds three million shares in GST. The Claim and the Application were undefended.

The Court held that an application for Summary Judgment should not be treated as if it were an application for default judgment. Even if the application is unopposed the discretion presented by Civil Procedure Rule 15.2(b) means that the Court must be satisfied that there is no real prospect of a successful defence being raised to the claim being made. In the course of the hearing the Court was required to construe Section 31 of the Business Companies Act, 2004, which deals with dealings between companies and other persons.

 

To continue reading full articles in PDF format:
Potential Might Group Limited -v- GST International Management Ltd (December 2011)

 

Accolades
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"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

Potential Might Group Limited -v- GST International Management Ltd (December 2011)

01 December 2011

BRITISH VIRGIN ISLANDS

HIGH COURT

COMPANIES - BVI - S.31 BCA - UNOPPOSED SUMMARY JUDGMENT APPLICATION - DEALINGS BETWEEN COMPANY AND THIRD PARTIES

The Claimant applied for Summary Judgment of its amended Statement of Claim which sought declarations that a subscription agreement entered into between it and GST International was binding, that the resolution of the Board which Potential relied on making its investment is valid and that the Claimant holds three million shares in GST. The Claim and the Application were undefended.

The Court held that an application for Summary Judgment should not be treated as if it were an application for default judgment. Even if the application is unopposed the discretion presented by Civil Procedure Rule 15.2(b) means that the Court must be satisfied that there is no real prospect of a successful defence being raised to the claim being made. In the course of the hearing the Court was required to construe Section 31 of the Business Companies Act, 2004, which deals with dealings between companies and other persons.

 

To continue reading full articles in PDF format:
Potential Might Group Limited -v- GST International Management Ltd (December 2011)

 

 

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