The Eastern Caribbean Supreme Court, Court of Appeal, has granted leave of appeal to the defendants who applied for two preliminary issues to be heard in the BVI proceedings brought by Fairfield Sentry Limited (in liquidation).
According to law firm Harneys, the Court granted them leave to pursue their appeal to the Privy Council in London on the “Article 11/finality of the net asset value” preliminary issue.
The Court meanwhile refused Fairfield permission to pursue its appeal to the Privy Council on the “Good Consideration” preliminary issue, on the basis that Fairfield had not complied with the requirement of the Virgin Islands (Appeals To Privy Council) Order 1967 that such application for leave be made within 21 days of the decision to be appealed from.
Harneys anticipates that Fairfield will now pursue its application for the Privy Council itself to exercise its discretion and grant Fairfield permission to appeal.
Harneys acts for a consortium of defendants in the BVI proceedings which emanate from the Bernard Madoff fraud.