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Shares for a euro – English Court upholds the integrity of BVI corporate structures against asset stripping attempts Background The decision Practical takeaways
In a recent decision of the English Commercial court, GLAS SAS (London Branch), as trustee of €250 million in tradeable bonds, succeeded in claims against a BVI-incorporated company and related parties for the misappropriation of shares worth approximately €85 million.
The judgment is a comprehensive illustration of how English courts deploy section 423 of the Insolvency Act 1986 extraterritorially, and of the tort of unlawful means conspiracy, where assets are stripped through offshore vehicles.
GLAS was the trustee of English law bonds with a principal value of €250 million issued by…
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