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Sport Financier SA -v- Olympic Gold Holdings Limited (Claim No. BVIHC (Com) 0452 of 2009)

October 2013 Schemes of Arrangement

BRITISH VIRGIN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

SECTION 179A BUSINESS COMPANIES ACT, 2004 (THE “ACT”) - SCHEME OF ARRANGEMENT - WHETHER SCHEME TERMS SUBJECT TO VARIATION AT THE OPTION OF THE COMPANY

This case concerned an application by Sports Financier SA a creditor of the Respondent Olympic Gold Holdings (the “Company”) in relation to a scheme of arrangement entered into between the Company and Creditors and sanctioned by the Court pursuant to Section 179A of the Act. Sports’ complaint was that the Scheme was not being administered according to its terms and sought various declarations and orders pertaining to the administration of same. After considering the terms of the Scheme, the Court held that the Scheme once sanctioned could not be amended in the absence of an express provision contained within the Court sanctioned Scheme for variation after sanction and that no scheme approved under Section 179A of the Act could be varied otherwise than through a further scheme sanctioned by the Court.

 

To continue reading full articles in PDF format:
Sport Financier SA -v- Olympic Gold Holdings Limited (Claim No. BVIHC (Com) 0452 of 2009)

 

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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

Sport Financier SA -v- Olympic Gold Holdings Limited (Claim No. BVIHC (Com) 0452 of 2009)

17 October 2013

BRITISH VIRGIN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

SECTION 179A BUSINESS COMPANIES ACT, 2004 (THE “ACT”) - SCHEME OF ARRANGEMENT - WHETHER SCHEME TERMS SUBJECT TO VARIATION AT THE OPTION OF THE COMPANY

This case concerned an application by Sports Financier SA a creditor of the Respondent Olympic Gold Holdings (the “Company”) in relation to a scheme of arrangement entered into between the Company and Creditors and sanctioned by the Court pursuant to Section 179A of the Act. Sports’ complaint was that the Scheme was not being administered according to its terms and sought various declarations and orders pertaining to the administration of same. After considering the terms of the Scheme, the Court held that the Scheme once sanctioned could not be amended in the absence of an express provision contained within the Court sanctioned Scheme for variation after sanction and that no scheme approved under Section 179A of the Act could be varied otherwise than through a further scheme sanctioned by the Court.

 

To continue reading full articles in PDF format:
Sport Financier SA -v- Olympic Gold Holdings Limited (Claim No. BVIHC (Com) 0452 of 2009)

 

 

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