Tag Archives: privy council

ILN Today Post

No jurisdiction for creditors who have proved elsewhere

In Stichting Shell Pensioenfonds v Krys [2014] UKPC 41, the Privy Council has held that where a company was being wound up in a jurisdiction where it was incorporated, and where a foreign creditor had submitted a proof of debt to the liquidators, that creditor had submitted to the jurisdiction of the administering court, and could not bring proceedings in its own jurisdiction with the aim of obtaining priority over other creditors.

The creditor was a Dutch pension fund who had invested in a BVI investment fund but was insolvent, having participated in Bernard Madoff’s Ponzi Scheme.  The creditor had submitted a proof of debt to the liquidators in the BVI before proceeding in the Netherlands with a view to enforcing against cash held in Ireland by an intermediate company.  The BVI Court of Appeal issued an injunction restraining the Dutch proceedings on the basis that BVI statutory rules of distribution prevented a creditor from gaining priority through a different jurisdiction.

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ILN Today Post

Privy Council to Bahamian Land Owners: “Register Your Land”

A recent decision by the Privy Council ended years of battle over who has right to property ownership in a case where the same piece or pieces of property were sold more than once — the current owners who recorded their title or the previous owners who bought in good faith but failed to register title.

While the legal issues were complex, the Privy Council’s decision was clear cut — ownership goes to the party who has the recorded and stamped title. More…

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