With growing numbers of crypto disputes hitting the courts in the Caribbean, Grant Carroll examines the latest power to be added to a liquidator’s arsenal
- The court of the British Virgin Islands (BVI) has endorsed an extraterritorial order summoning directors of a BVI company in liquidation to appear for private examination by joint liquidators—likely its first.
- Confirmation of the availability of this power to liquidators will come as welcome news to insolvency practitioners in the BVI.
The court of the British Virgin Islands (BVI) has endorsed what is believed to be its first extraterritorial order summoning directors of a BVI company (in liquidation) to appear for private examination by joint liquidators, in BVIHC(COM) 2022/0119, Russell Crumpler and Christopher Farmer as Joint Liquidators of Three Arrows Capital Ltd (in liquidation) and (1) Zhu Su (2) Kyle Davies.
Three Arrows conducted a high-profile and prominent cryptocurrency business as a digital asset hedge fund, reportedly operating assets in excess of US$10bn at one stage. Owing to the volatility in the crypto market, the company entered liquidation in June
