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Industry Updates

Anti anti-suit - The Rights of Foreign Creditors to Pursue Proceedings at Home

08 Dec 2011

In yet another important judgment arising out of the Madoff-exposed Fairfield fund liquidations in the BVI, the Commercial Court of the BVI has ruled that a Dutch resident shareholder-creditor could continue proceedings against the Fairfield fund in the Netherlands, notwithstanding the commencement of the BVI liquidation proceedings and notwithstanding that it had claimed as a creditor in those proceedings. The decision turns on some quite specific facts but contains an important and modern review of the principles applicable when a liquidator seeks an anti-suit injunction to prevent a foreign creditor from pursuing litigation against the liquidation estate in the creditors home jurisdiction.