24 Aug 2017
BASAB INC. AND ANOTHER v. SUPERB GLORY HOLDINGS LTD AND ANOTHER
- Citation
- BASAB INC. AND ANOTHER v. SUPERB GLORY HOLDINGS LTD AND ANOTHER
- Court
- Court of Final Appeal
- Case number
- FAMV16/2017
Leave to appeal was refused because the plaintiffs’ claims were barred by the no reflective loss principle: the plaintiffs were not secured creditors, their asserted independent causes of action did not avoid the rule because the losses were recoverable by the company, and the new argument based on the BVI refusal to grant derivative leave was not an available or arguable exception and could not be raised for the first time in this court.