BVI Preference Clawback Order: The BVI Commercial Court ordered a connected group company to repay US$125.9 million after a last-minute intra-group loan repayment executed in the "twilight zone" prior to liquidation was ruled an unfair preference. Concurrently, in Transcience Investments v Greentown Holdings, the BVI Court held firm on its jurisdiction under the BVI Business Companies Act, dismissing third-party jurisdiction stay challenges.
- Source: Review the case updates via Harneys Offshore Litigation Blog.
Isle of Man Foreign Judgment Enforcement Split: The High Court of the Isle of Man (Grover v Wilton Group) has formally rejected the English Court of Appeal’s Drelle doctrine (Servis-Terminal v Drelle). Unlike the BVI Commercial Court (JJW Hotels v Rhodes), which requires unrecognised foreign awards to undergo formal local registration before founding a statutory demand, the Manx High Court held that unrecognised foreign judgment debts can directly ground local winding-up petitions.
- Source: Review the private international law analysis on Mourant's BVI Foreign Judgments and Liquidation Update.
BVI & Isle of Man: Preferences, Jurisdiction & Foreign Debt Enforcement