Cross Border Ledger Access in Intermediate BVI Vehicles
Statutory access to BVI intermediate vehicle ledgers requires contractual expansion to pierce directorial vetoes and reach onshore operating company records.
ECSC Injunction
Meaning
Judicial interim remedies issued by the Eastern Caribbean Supreme Court restrain parties from specific actions pending a final legal determination. An ecsc injunction is frequently sought in the British Virgin Islands to freeze assets or prevent the transfer of shares during a shareholder dispute. The court grants this relief only when the claimant demonstrates a serious issue to be tried and shows that damages would not be an adequate remedy.
This action maintains the status quo.
Relief Application
Application involves a formal request to the court supported by affidavit evidence. The party seeking the ecsc injunction must give a full and frank disclosure of all material facts including those that might hurt their own case. If the application is made ex parte, the court requires a high standard of proof and a cross-undertaking in damages.
This ensures that the defendant is compensated if the order is later found to be unjustified.
Equitable Remedy
Remedy belongs to the inherent jurisdiction of the court to prevent injustice. An ecsc injunction can be mandatory, requiring a party to perform an act, or prohibitory, forbidding an act. The court weighs the balance of convenience before issuing the order.
It looks at which party would suffer the greater harm.
Orderly Maintenance
Maintenance prevents the disposal of disputed shares.