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From Sagar Chakraverty, Opalesque Asia:
In a recent decision from the British Virgin Islands' (BVI) Commercial Court, which said that redeemed shareholders should be ranked side-by-side with other unsecured creditors in the distribution list under the case of Reserve International Liquidity Fund’s liquidation, according to a report published on 12-Feb by Walkers Global, an international law firm focusing on corporate and international finance.
This legal matter is between Western Union International, a global financial services and communication company headquartered in Colorado (US), who had submitted a redemption notice, and Reserve International Liquidity Fund, a money-market fund run by NY-based Reserve Management, the party that contested the notice.
While opposing the redemption notice of Western Union, Reserve said that Western Union was either still a member or was a past member of the liquidity fund, which is seeking the recovery of redemption proceeds, and Western Union would be precluded by section 197 of the Insolvency Act (2003) from claiming as a creditor in the subsequent liquidation of the fund.
Therefore, Reserve argued that Western Union could not apply to the court for the appointment ...................... To view our full article Click here
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