Apr 2021
From the British Virgin Islands Court of Appeal, Judgment given on 22 February 2021
Common law right of recognition and assistance to “foreign representative” not from “relevant foreign country” – Jurisdiction to rectify register of members
Background
This appeal arises out of bankruptcy proceedings commenced in Israel concerning the ownership of shares in BVI incorporated company Net International Property Limited, the Appellant (the “Company”) by Rachael Sofer, who was declared bankrupt in Israel. Adv. Eitan Erez is the appointed trustee in bankruptcy for Rachael Sofer and the Respondent to the Appeal.
By way of background, the District Court in Israel previously found that Mrs Sofer (as debtor in the bankruptcy proceedings) was the “controlling owner and moving force” of Net International. The District Court had also made a declaration that all the assets of the Company belong to Mrs Sofer as part of the bankruptcy estate. The Supreme Court in Israel confirmed the findings of the District Court save the finding attributing the ownership of the assets of Net International to Mrs Sofer.