UBS AG New York and others v Fairfield Sentry Ltd (in liquidation) and others (British Virgin Islands)

Company – Liquidator. The appellant companies' appeal failed, in a dispute concerning three companies linked to the Bernie Madoff Ponzi scheme fraud, in which they sought an anti-suit injunction from the BVI courts to restrain the liquidators of the first respondent company from proceeding with their claims in the US. The Privy Council held that s 249 of the British Virgin Islands Insolvency Act 2003 did not, either expressly or by necessary implication, confer an exclusive jurisdiction on the High Court so as to preclude foreign courts, which assisted in a BVI liquidation, from granting relief enabling it to alter the consequences of concluded transactions which would otherwise remain binding on an insolvent company.

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