BRITISH VIRGIN ISLANDS
HIGH COURT (COMMERCIAL DIVISION)
RECEIVERS BY WAY OF EQUITABLE EXECUTION-WHETHER PROPOSED TO APPOINT OVER PROPERTY OR OVER MERE POWER – WHETHER JUST AND CONVENIENT TO APPOINT – CPR 51.3 CONSIDERED
Dalemont Limited (Dalemont) a judgment creditor in the amount of approximately US$40 million, by application sought the appointment of receivers over the shares in three BVI companies beneficially belonging to Alexander Gennadievich Senatorov (Mr Senatorov), the judgment debtor. The beneficial interest was not disputed. Counsel for Mr Senatorov sought to argue that the court did not have the jurisdiction to make the order sought because Dalemont was seeking an appointment over a power and not an asset and therefore did not come with the parameters identified in the case of Tasarruf Mevduati Sigorta Fonu -v- Merrill Lynch Bank and Trust Co (Cayman Ltd and others)  1 WLR 1721  UKPC 17. The Court preferring the submissions of Counsel for Dalemont found that the subject over which the appointment was sought was the beneficial interests in the shares of the BVI Companies and were plainly assets. The Court then found that the Receivers would be entitled to make what use they could of the rights appurtenant or ancillary to or consequential upon having the beneficial interest in that property.