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Company – Shares. The claimants brought proceedings in the British Virgin Islands (BVI) against the second defendant for breach of a contract to procure the issue of shares in the first defendant company to them and against the company for rectification of its share register to show the claimants as shareholders. The BVI court refused the claimants permission to serve the second defendant out of the jurisdiction on the basis that there was no real issue between the claimants on their rectification claim since they were not shareholders in the company. The Court of Appeal allowed the claimants' appeal. The Privy Council, in allowing the defendants' appeal, held that proceedings for rectification could only be brought where a claimant had a right to registration by virtue of a valid transfer of legal title, and not merely a prospective claim against the company dependant on the conversion of an equitable right to a legal title by an order for specific performance of a contract.
Company – Shares. The claimants brought proceedings in the British Virgin Islands (BVI) against the second defendant for breach of a contract to procure the issue of shares in the first defendant company to them and against the company for rectification of its share register to show the claimants as shareholders. The BVI court refused the claimants permission to serve the second defendant out of the jurisdiction on the basis that there was no real issue between the claimants on their rectification claim since they were not shareholders in the company. The Court of Appeal allowed the claimants' appeal. The Privy Council, in allowing the defendants' appeal, held that proceedings for rectification could only be brought where a claimant had a right to registration by virtue of a valid transfer of legal title, and not merely a prospective claim against the company dependant on the conversion of an equitable right to a legal title by an order for specific performance of a contract.
Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
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Louise Crush explores the key points and opportunities for tax efficiency
Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
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