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The Eastern Caribbean Court of Appeal held in Throne Capable
Investment Limited v Agile Star Group Limited
1 that the
failure to set aside a statutory demand does not constitute
misconduct, an unreasonable act or an exceptional circumstance so
as to warrant departure from the general rule that costs follow the
event.
Introduction
The British Virgin Islands (the
BVI) insolvency
regime provides for the issuance of statutory demands against BVI
companies. Where a statutory demand is not set aside within 14
days, a creditor can apply to appoint a liquidator to the alleged