Update

Bearer Shares: Development of the BVI Court's power to appoint Receivers

In the recent decision of The Bank of Nova Scotia Trust Company (Bahamas) Limited v The Registrar of Companies the Eastern Caribbean Supreme Court of Appeal confirmed the scope of the BVI Court's jurisdiction to appoint receivers. The Court of Appeal was satisfied that justice demanded the appointment of a receiver to consider exercising a companies' power of redemption over disabled bearer shares, to give effect to the shareholder's constitutional right not to have property taken away without compensation.