Article
BVI Court Of Appeal Clarifies Derivative Actions, Director Indemnities And Shadow Director Status
A BVI shareholder sought permission to bring derivative proceedings in England and Wales against directors and creditors of a BVI company, alleging breaches of fiduciary duties and mismanagement of a UK property development project. The Court of Appeal examined whether an offer of indemnity could cure defects in the application and whether shadow directors fall within the scope of BVI Business Companies Act provisions.
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