Mar 2012
##BRITISH VIRGIN ISLANDS
###COURT OF APPEAL
####COMPANIES – INSOLVENCY – WINDING UP ORDER – PROCEDURE FOR CHALLENGE
This Appeal brought under S. 11 of the _Eastern Caribbean Supreme Court (Antigua and Barbuda) Act_ concerned the jurisdiction of the Master to raise an issue and pronounce on the validity of claims brought after Stanford International Bank was placed into compulsory liquidation.
The Court held, _inter alia_, that in the absence of local statutory provisions and rules regulating the practice and procedure for challenging a winding up order made pursuant to Section 304 of the _International Business Act_ or relating to proceedings during the pendency of the winding up proceedings against or on behalf of the Company in liquidation, The Third Group of Parts: Part V11 in the English Insolvency Rules 1986 as amended relating to the Court Procedure and Practice Direction PD5 relating to the Distribution of Business of the Companies Court in England applied.