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Insolvency – Foreign company. The proceedings concerned the winding up of a British Virgin Islands company (the company) which had been one of the largest feeder funds for one of the companies operated by Bernie Madoff in New York. The appellant (Shell), a Dutch pension fund which had bought shares in the company, was granted conservatory attachments over the company's assets. A BVI court later ordered the company to be wound up. The joint liquidators successfully appealed against the dismissal of their application to the High Court of the BVI for an anti-suit injunction restraining Shell from prosecuting in the Netherlands. Shell appealed. The Privy Council, in dismissing the appeal, held that, where a creditor who was amenable to the personal jurisdiction of a court began or continued foreign proceedings which would interfere with the statutory trusts over the assets of a company in insolvent liquidation, in principle, an injunction would be available to restrain their prosecution irrespective of the nationality or residence of the creditor in question.
Insolvency – Foreign company. The proceedings concerned the winding up of a British Virgin Islands company (the company) which had been one of the largest feeder funds for one of the companies operated by Bernie Madoff in New York. The appellant (Shell), a Dutch pension fund which had bought shares in the company, was granted conservatory attachments over the company's assets. A BVI court later ordered the company to be wound up. The joint liquidators successfully appealed against the dismissal of their application to the High Court of the BVI for an anti-suit injunction restraining Shell from prosecuting in the Netherlands. Shell appealed. The Privy Council, in dismissing the appeal, held that, where a creditor who was amenable to the personal jurisdiction of a court began or continued foreign proceedings which would interfere with the statutory trusts over the assets of a company in insolvent liquidation, in principle, an injunction would be available to restrain their prosecution irrespective of the nationality or residence of the creditor in question.
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