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In Wang Zhongyong -v- Union Zone Management Ltd [BVIHCMAP 2013/0024] (“Wang”), the Eastern Caribbean Court of Appeal (“ECCA”) has had its first opportunity to review the legal principles which apply where a shareholder of a BVI company seeks a self-standing order winding up the company on the just and equitable ground under s.162(1)(b) of the Insolvency Act 2003 (“IA”). Hitherto, all the cases considered by the ECCA where such relief has been claimed have been cloaked in an application under s.184I of the Business Companies Act (“BCA”), the “unfair prejudice” provision, to which different considerations apply.
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Shareholder Relief: Eastern Caribbean Appeal Court Considers the Just and Equitable Grounds for Winding up a BVI Company