Walkers acts for a BVI company which successfully defended an application for a worldwide freezing order (the "WFO") sought in support of foreign proceedings.
The Applicant had previously obtained Norwich Pharmacal
relief and thereafter applied ex parte to the BVI
Commercial Court for the WFO under the Black Swan
jurisdiction. The WFO was sought in support of ongoing proceedings
in Europe that relate to valuable assets in Western Africa. Walkers
argued on behalf of the Respondent that the Court lacked the
jurisdiction to make the WFO on the basis that the Applicant was
unable to show that there were any assets in the BVI. Having heard
extensive submissions, Justice Bannister QC held that the Applicant
had failed to show that the Respondent had any assets within the
jurisdiction and accordingly there was "nothing upon which the
Black Swan principle may bite". The Judge went on to
clarify that the Black Swan jurisdiction is not directed
at parties but rather at the property of the defendants to the
relevant foreign proceedings. The WFO was accordingly
discharged.
Partner Oliver Clifton and associates Grant Carroll and Matthew
Neal based in Walkers' BVI office acted in this matter.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
