This appeal arose out of the litigation fallout from the Bernard Madoff Ponzi scheme. In the appeal, the Privy Council considered whether, at common law, an agreement to submit to jurisdiction must be express or whether it could be implied or inferred. The Board of the Privy Council found that an agreement to submit to … Continue Reading
The Municipality of Sao Paulo and the Republic of Brazil successfully defeated an appeal from two BVI registered companies to the Privy Council which considered what the circumstances are, if any, where backward tracing would be permitted. Background The two appellants, “Durant” and “Kildare” are BVI registered companies, which were controlled by Mr Paulo Maluf … Continue Reading
Singularis Holdings Limited v PricewaterhouseCoopers [2014] UKPC 36 PricewaterhouseCoopers v Saad Investments Company Limited [2014] UKPC 35 The Privy Council gives credence to the concept of “modified universalism” (being the court’s common law power to assist foreign winding up proceedings) and notes some of the circumstances which would permit a “stranger” to a winding up … Continue Reading
