Mar 2012
BRITISH VIRGIN ISLANDS
COURT OF APPEAL
COMPANIES – INSOLVENCY – WINDING UP ORDER – PROCEDURE FOR CHALLENGE
This Appeal brought under S. 11 of the Eastern Caribbean Supreme Court (Antigua and Barbuda) Act concerned the jurisdiction of the Master to raise an issue and pronounce on the validity of claims brought after Stanford International Bank was placed into compulsory liquidation.
The Court held, inter alia, that in the absence of local statutory provisions and rules regulating the practice and procedure for challenging a winding up order made pursuant to Section 304 of the International Business Act or relating to proceedings during the pendency of the winding up proceedings against or on behalf of the Company in liquidation, The Third Group of Parts: Part V11 in the English Insolvency Rules 1986 as amended relating to the Court Procedure and Practice Direction PD5 relating to the Distribution of Business of the Companies Court in England applied.