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Vendort Traders Inc -v- Evrostroy Grupp LLP Claim No. BVIHCVAP 2012/0041

May 2014 Arbitration

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

CIVIL APPEAL - COMMERCIAL APPEAL - ARBITRATION PROCEEDINGS - SHARE AND SALE PURCHASE AGREEMENT - APPLICATION TO SET ASIDE STATUTORY DEMAND - WHETHER THERE IS A SUBSTANTIAL DISPUTE AS TO WHETHER DEBT IS OWING OR DUE

This was an appeal by Vendort Traders Inc (the “Appellant”) against an order of the Learned Commercial Court Judge dismissing its application for an order to set aside a statutory demand served on it by Evrostroy Grupp (the “Respondent”). The statutory demand was based on an unsatisfied arbitral award. The Appellant fully participated in the arbitral proceedings which gave rise to the Award. The grounds of the appeal were that (i) no debt was owing because the Award had not been enforced in the BVI and an unenforceable award could not form the basis of the statutory demand; (ii) there was a substantial dispute as to whether the Award was enforceable in the BVI because the Award was either procured by fraud or its enforcement was part of a fraudulent scheme to divest it of its assets; and (iii) the Judge erred in holding that it had accepted that the Award created an estoppel between it and the Respondent.

 

To continue reading full articles in PDF format:
Vendort Traders Inc -v- Evrostroy Grupp LLP Claim No. BVIHCVAP 2012/0041

 

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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 LLP Claim No. BVIHCVAP 2012/0041

18 May 2014

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

CIVIL APPEAL - COMMERCIAL APPEAL - ARBITRATION PROCEEDINGS - SHARE AND SALE PURCHASE AGREEMENT - APPLICATION TO SET ASIDE STATUTORY DEMAND - WHETHER THERE IS A SUBSTANTIAL DISPUTE AS TO WHETHER DEBT IS OWING OR DUE

This was an appeal by Vendort Traders Inc (the “Appellant”) against an order of the Learned Commercial Court Judge dismissing its application for an order to set aside a statutory demand served on it by Evrostroy Grupp (the “Respondent”). The statutory demand was based on an unsatisfied arbitral award. The Appellant fully participated in the arbitral proceedings which gave rise to the Award. The grounds of the appeal were that (i) no debt was owing because the Award had not been enforced in the BVI and an unenforceable award could not form the basis of the statutory demand; (ii) there was a substantial dispute as to whether the Award was enforceable in the BVI because the Award was either procured by fraud or its enforcement was part of a fraudulent scheme to divest it of its assets; and (iii) the Judge erred in holding that it had accepted that the Award created an estoppel between it and the Respondent.

 

To continue reading full articles in PDF format:
Vendort Traders Inc -v- Evrostroy Grupp LLP Claim No. BVIHCVAP 2012/0041

 

 

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