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Stay denied: BVI Court of Appeal reaffirms threshold for a stay in US$40 million shareholder dispute
In a previous blog post, we discussed the first instance judgment in the Phoenix BVI litigation, where Justice Mangatal considered the formalities for becoming a shareholder under s49 of the BVI Business Companies Act, Revised Edition 2020 (BCA). That judgment has now been appealed, with an accompanying application for a stay of execution.
On 27 February 2026, in ICM SPC v Jarvis, the Court of Appeal refused the stay.
The judgment restates the C-Mobile Services Ltd v Huawei Technologies Co Ltd criteria for stay relief and offers guidance on credibility-based appeals, the limits of using stays…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.