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Vendort Traders Inc -v- Evrostroy Grupp LLC (Claim No BVIHCV (COM) 2012 of 0054)

November 2012 Insolvency Winding Up Liquidation

BRITISH VIRGIN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

STATUTORY DEMAND BASED ON LCIA ARBITRATION AWARD - WHETHER AWARD CREATING AN ENFORCEABLE DEBT - WHETHER UNDERLYING DEBT DISPUTED - S. 10 INSOLVENCY ACT, 2003 (THE “ACT”) - WHETHER DEMAND TO BE SET ASIDE

Vendort Traders Inc (“Vendort”) applied in the Commercial Court to set aside a statutory demand served on it by Evrostroy Grupp LLC (“Evrostroy”) on the ground that it was unenforceable. The statutory demand was for a debt in the sum of RUR38 million (together with GB£36,000 and US$3,474 by way of interest and costs of the arbitration) pursuant to a final award made in an LCIA arbitration. Vendort sought to argue that the fact that the award was not made enforceable as a judgment under Section 28 of the Arbitration Ordinance (the “Ordinance”) rendered it unenforceable. As such, pursuant to Section 10(3) of the Act unenforceable debts are excluded from the definition of liability and, therefore, could not be a debt for the purpose of a statutory demand or a claim in the liquidation of the company.

 

To continue reading full articles in PDF format:
Vendort Traders Inc -v- Evrostroy Grupp LLC (Claim No BVIHCV (COM) 2012 of 0054)

 

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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

Vendort Traders Inc -v- Evrostroy Grupp LLC (Claim No BVIHCV (COM) 2012 of 0054)

01 November 2012

BRITISH VIRGIN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

STATUTORY DEMAND BASED ON LCIA ARBITRATION AWARD - WHETHER AWARD CREATING AN ENFORCEABLE DEBT - WHETHER UNDERLYING DEBT DISPUTED - S. 10 INSOLVENCY ACT, 2003 (THE “ACT”) - WHETHER DEMAND TO BE SET ASIDE

Vendort Traders Inc (“Vendort”) applied in the Commercial Court to set aside a statutory demand served on it by Evrostroy Grupp LLC (“Evrostroy”) on the ground that it was unenforceable. The statutory demand was for a debt in the sum of RUR38 million (together with GB£36,000 and US$3,474 by way of interest and costs of the arbitration) pursuant to a final award made in an LCIA arbitration. Vendort sought to argue that the fact that the award was not made enforceable as a judgment under Section 28 of the Arbitration Ordinance (the “Ordinance”) rendered it unenforceable. As such, pursuant to Section 10(3) of the Act unenforceable debts are excluded from the definition of liability and, therefore, could not be a debt for the purpose of a statutory demand or a claim in the liquidation of the company.

 

To continue reading full articles in PDF format:
Vendort Traders Inc -v- Evrostroy Grupp LLC (Claim No BVIHCV (COM) 2012 of 0054)

 

 

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