Withers BVI has been acting for a group of BVI companies in
connection with the worldwide litigation between former husband and
wife, Martin Coward and Elena Ambrosiadou, the founders of the IKOS
quant hedge fund.
The Claim was brought by Martin Coward, seeking inter alia a
declaration that the assets of one of the companies were held on
express trust for him. He also made additional claims relating to
alleged fiduciary duties owed to him and an unlawful means
conspiracy.
The companies defended the claims on the basis that the
Particulars of Claim did not disclose the existence of an express
trust, no fiduciary duties could be owed to the Claimant and there
was no conspiracy. Consequently, they filed an application to
strike out the Claim as failing to disclose a cause of action
and/or having no realistic prospect of success.
The Defendants were represented by Elspeth Talbot Rice QC and
Nicole Langlois at a two-day hearing before Mr. Justice Edward
Bannister in the BVI Commercial Court. The Judge was plainly
impressed by Counsels' submissions, stating during the course
of argument that Ms Talbot Rice had conducted a "...
first-rate hatchet job ..." on the Claimant's pleading. He
struck out each of the three claims and the entire pleading,
awarding the Defendants their costs of the action. He also refused
the Claimant leave to appeal.
Unsurprisingly perhaps, the Claimant applied to the Court of
Appeal for leave to appeal. In so doing, however, his lawyers
seemingly ignored a provision that where application for leave to
appeal had been made to the Court below and refused, application to
the Court of Appeal may be made within 7 days of such refusal. When
pointed out to them, the Claimant's lawyers argued that this
rule could only apply to a paper application - nonetheless they
then filed a 'protective' application for an extension of
time for leave to appeal.
In a further reverse to the Claimant's case, the Single Judge
in the Court of Appeal, clarifying the rules relating to appeals,
held that the provision applied to both paper and oral applications
and, although granting the Claimant sufficient extension of time to
make their application for leave to appeal, awarded the Defendants
their further costs. The outcome of the Claimant's latter
application is presently awaited.
Withers BVI's team consisted of Niki Olympitis, Sara-Jane
Knock and Sharada Shaw, who instructed Elspeth Talbot Rice QC and
Nicole Langlois of XXIV Old Buildings, Lincolns Inn.
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