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PT Ventures SGPS SA and Vidatel Ltd Claim No. BVIHC (Com) 2015/0017

February 2016 Arbitration Civil Procedure Rules Freezing Orders Jurisdiction

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

APPLICATION TO CONTINUE WORLDWIDE FREEZING ORDER OBTAINED EX PARTE IN SUPPORT OF FOREIGN ARBITRATION - COURT’S JURISDICTION UNDER SECTION 43 OF ARBITRATION ACT 2013 - WHETHER GOOD ARGUABLE CASE MADE OUT IN ICC ARBITRATION FOR US$2.449 BILLION - WHETHER GOOD ARGUABLE CASE MADE OUT FOR EACH HEAD OF LOSS IN THE ARBITRATION PROCEEDINGSWHETHER REFLECTIVE LOSS PRINCIPLE APPLIES IN ARBITRATION CLAIM - WHETHER REAL RISK OF DISSIPATION OF ASSETS - EFFECT OF OFFER OF UNDERTAKING IN LIEU OF INJUNCTION - DELAY - WHETHER MATERIAL NON-DISCLOSURE - WHETHER APPLICATION FOR AN IMPROPER MOTIVE OR COLLATERAL PURPOSE - WHETHER JUST OR CONVENIENT TO CONTINUE FREEZING ORDER.

This was an inter partes hearing of an application to continue a freezing order (the “FO”) which had been obtained, ex parte, against the Respondent in aid of ICC Arbitration proceedings under Section 43 of the Arbitration Act, 2013 (the “Act”). In resisting the continuation of the FO the Respondent argued that the jurisdiction to grant interim measures under Section 43 of the Act was limited and that the relevancy of the requirement that the arbitral award being enforceable in the jurisdiction (Section 43(5)(a) of the Act) related to whether the Respondent has assets in the jurisdiction and went to the justice of continuing the FO, the absence of assets being a relevant consideration for the grant of such. The Respondent also maintained that by Section 43(5)(b) the natural court for the grant of interim measures was Paris as the supervisory court for the ICC Arbitration proceedings.

 

To continue reading full articles in PDF format:
PT Ventures SGPS SA and Vidatel Ltd Claim No. BVIHC (Com) 2015/0017

 

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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

PT Ventures SGPS SA and Vidatel Ltd Claim No. BVIHC (Com) 2015/0017

03 February 2016

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

APPLICATION TO CONTINUE WORLDWIDE FREEZING ORDER OBTAINED EX PARTE IN SUPPORT OF FOREIGN ARBITRATION - COURT’S JURISDICTION UNDER SECTION 43 OF ARBITRATION ACT 2013 - WHETHER GOOD ARGUABLE CASE MADE OUT IN ICC ARBITRATION FOR US$2.449 BILLION - WHETHER GOOD ARGUABLE CASE MADE OUT FOR EACH HEAD OF LOSS IN THE ARBITRATION PROCEEDINGSWHETHER REFLECTIVE LOSS PRINCIPLE APPLIES IN ARBITRATION CLAIM - WHETHER REAL RISK OF DISSIPATION OF ASSETS - EFFECT OF OFFER OF UNDERTAKING IN LIEU OF INJUNCTION - DELAY - WHETHER MATERIAL NON-DISCLOSURE - WHETHER APPLICATION FOR AN IMPROPER MOTIVE OR COLLATERAL PURPOSE - WHETHER JUST OR CONVENIENT TO CONTINUE FREEZING ORDER.

This was an inter partes hearing of an application to continue a freezing order (the “FO”) which had been obtained, ex parte, against the Respondent in aid of ICC Arbitration proceedings under Section 43 of the Arbitration Act, 2013 (the “Act”). In resisting the continuation of the FO the Respondent argued that the jurisdiction to grant interim measures under Section 43 of the Act was limited and that the relevancy of the requirement that the arbitral award being enforceable in the jurisdiction (Section 43(5)(a) of the Act) related to whether the Respondent has assets in the jurisdiction and went to the justice of continuing the FO, the absence of assets being a relevant consideration for the grant of such. The Respondent also maintained that by Section 43(5)(b) the natural court for the grant of interim measures was Paris as the supervisory court for the ICC Arbitration proceedings.

 

To continue reading full articles in PDF format:
PT Ventures SGPS SA and Vidatel Ltd Claim No. BVIHC (Com) 2015/0017

 

 

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