Chemtrade Limited -v- Fuchs Oil Middle East Limited and Fuchs Petrolub AG Claim No. BVIHCVA 2013/004

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

UNFAIR PREJUDICE – BVI BUSINESS COMPANIES ACT, 2004 (THE “ACT”) AS AMENDED – WHETHER THE LEARNED JUDGE CORRECTLY EXERCISED HIS DISCRETION IN ORDERING THAT THE COMPANY’S ARTICLES OF ASSOCIATION BE AMENDED –-BUSINESS ADMINISTRATION ORDER – WHETHER PURCHASE ORDER WAS MORE APPROPRIATE REMEDY

Since enactment of the Act, this is the first Appellate Court decision in a claim for unfair prejudice under Section 184I of the BCA. On 18 September 2013, the Court of Appeal dismissed the appeal by Chemtrade Limited (“Chemtrade”) against the decision of the High Court, which granted relief for Chemtrade’s successful claim in unfair prejudice against the Second Respondent in the form of a Business Administration Order (the “BAO”). That Order amended the quorum requirement for board meetings contained in the Articles of Association of the First Respondent. The Court of Appeal upheld the trial Judge’s decision that the BAO was the appropriate remedy.

 

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Chemtrade Limited -v- Fuchs Oil Middle East Limited and Fuchs Petrolub AG Claim No. BVIHCVA 2013/004