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The case arises out of the long-running liquidation of the Abraaj group. A landmark Cayman Islands Grand Court decision important for claims made under Part V of the Companies Act, clarifying as it does the law on jurisdiction and procedure for such claims.
Shareholders deceived into subscribing for shares in a company can bring claims against the company in liquidation but only after all external creditors have been paid out in full.
Four minority shareholders challenged the EGM outcome where the chairman excluded a corporate member’s proxy votes.
The claimants brought claims for the enforcement of five separate judgments given by the Courts of the PRC with a total value of almost £28.5m.
The decision involves the Court’s first consideration of Bermuda’s Digital Assets Business Act 2018 and contains an interesting discussion of the basis on which digital asset service providers hold crypto assets, and the treatment of such assets in a liquidation.
