Summary

Application by BCCI directors to discharge worldwide Mareva injunctions against them made on the ex parte application of the liquidators of BCCI International (Overseas) Ltd, a Cayman Islands company wound up by the Grand Court of the Cayman Islands on 14 January 1992, and as to declarations that the applicants had knowingly carried on the business of that company and BCCI International SA with intent to defraud creditors and were liable to contribute to the assets.

Facts

The proceedings were issued at at the instance of letters of request from the Grand Court of Cayman for the court to exercise its jurisdiction under s.426 Insolvency Act 1986 by making certain appropriate orders.

Held

(1) The Mareva injunctions should be continued and should not be discharged for material non-disclosure subject to an undertaking by the liquidators that they will not seek to enforce those orders in any country other than England and Wales without leave of the court nor bring new proceedings against the first or third respondents without leave.