Matthew Hardwick QC BVI Court of Appeal Success

In an important victory for Dutch company Delco, Matthew Hardwick QC (instructed by Chris Yates and Harriet Murphy of Clifford Chance and Simon Hall of Maples and Calder) successfully appealed the first instance decision of Wallbank J. to refuse an application to appoint liquidators over BVI company Green Elite.

On 15 June 2018 the Eastern Caribbean Court of Appeal allowed Delco’s appeal, and (1) in a rare modern application of a just and equitable winding up on the “loss of substratum” ground, appointed liquidators to BVI company Green Elite; (2) rejected the Judge’s finding that Delco had been unreasonable in not pursuing alternative remedies (in particular an unfair prejudice petition); and (3) rejected Green Elite’s cross appeal in relation to allegations of a subsisting trust.

The case, reported as Delco Participation BV v Green Elite Limited BVIHCMAP 2017/00187 can be found here.