Deals Maples Group Advises Vista Del Mar Development Ltd.

08 Apr 2019

Maples Group's legal services team led by partner Mac Imrie and associate Gemma Freeman successfully defend an appeal brought before the Judicial Committee of the Privy Council (the "Privy Council") in Francis and Anor (Appellants) v Vista Del Mar Development Ltd (Respondents) (Cayman Islands).1

The Maples Group acted for long standing client, Vista Del Mar Development Ltd.

The appeal arose in the context of Vista Del Mar Development Limited's successful application for specific performance of an option to repurchase land under a contract to develop a building plot.  It concerned the consequences that arise if an option holder delays in exercising its option rights (or its rights under a new bilateral contract arising on the exercise of an option) and the circumstances surrounding any delay. 

In affirming the rulings of the Cayman Islands Grand Court and Court of Appeal, the Privy Council confirms the applicable law with respect to the effective exercise of options: (i) an option will only be effectively exercised if exercised in strict conformity with its terms; (ii) where parties have not provided a specified time within which to exercise an option, it must be exercised within a reasonable time (being a question of fact to be determined in light of all the circumstances); and (iii) where an option gives the right to acquire land, its exercise as a matter of law fundamentally changes the relationship between the parties such that the option holder becomes a purchaser and in equity the owner of the property (United Scientific Holdings Ltd v Burnley Borough Council [1978] AC 904 and Shaw v Foster (1872) LR 5 HL 321).  

The ruling also discusses late amendments to pleadings, which are possible where it does not require the Board to make new findings of fact or apply any new principles of law already considered by the local lower courts. 


1 https://www.jcpc.uk/cases/jcpc-2017-0074.html

 

CONTACTS

bioImage

Mac Imrie

Consultant

+1 345 814 5238

*
*
*
*


Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

The use of this form does not create an attorney-client relationship and information submitted will not necessarily be treated as privileged or confidential, nor will it prevent us from accepting related instructions on behalf of others. Do not send us any information regarding any current or potential legal matters until your proposed engagement of us as legal counsel has been agreed and confirmed by us in writing.

*
*
*

Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

Related

Announcements

COVID-19: What is Maples Group doing?

 The Maples Group has comprehensive, jurisdictionally specific, pandemic plans in place. This is a summary of the preventative measures that we are taking.

Read more

20 Mar 2020

Announcements

Maples Group Luxembourg Expands to New Location

The Maples Group is pleased to announce that due to the remarkable growth of its business in Luxembourg, it has relocated its offices.

Read more

12 Mar 2020

Announcements

Maples Group Announces Strategic Appointments at Six Offices

New Partners and Of Counsel are appointed across the Group's international offices.

Read more

05 Mar 2020

Announcements

Maples Group Ranked as Top Funds Legal Adviser for 7th Year Running

Maples and Calder, the Maples Group's law firm, is pleased to retain its position as the number one legal adviser to Irish-serviced funds for the seventh consecutive year by the Monterey Insight Ireland Fund Report 2019.

Read more

24 Feb 2020

Announcements

Maples Group Hong Kong Offices Relocate

 All of the Maples Group's Hong Kong teams will now be located at Central Plaza in Wanchai's north business district in Hong Kong. 

Read more

21 Feb 2020

Announcements

Maples Group Number 1 Listing Agent on Cayman Islands Stock Exchange

Maples and Calder, the Maples Group's law firm, is pleased to announce that it has retained its position as the number one listing agent on the Cayman Islands Stock Exchange (the "CSX") having advised on 47% of all CSX’s listings in 2019.

Read more

12 Feb 2020

Connect

Want to get in touch ?

Contact Us