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A recent decision of the Privy Council in Stichting Shell Pensioenfonds v Krys and another (British Virgin Islands)  UKPC 41 clarifies a liquidator’s authority in relation to anti-suit injunctions and provides guidance as to what amounts to a submission to the jurisdiction within the liquidation process.
The case arose out of the liquidation of Fairfield Sentry (“Fairfield”), a BVI feeder fund of the collapsed Madoff fund. Fairfield Sentry had assets in its own name at a Dutch bank account in an account in Ireland (“the bank account”).
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Stichting Shell Pensioenfunds v Krys