Privy Council dismisses appeal against order winding up Aquapoint LP
Travers Thorp Alberga has successfully represented Dr Frank Fan at the Judicial Committee of the Privy Council, which has now confirmed the earlier decisions of Justice Doyle at First instance and the Cayman Islands Court of Appeal that it is just and equitable for Aquapoint LP to be wound up.
The Privy Council’s dismissal of the appeal by the general partner of Aquapoint L.P. is the final decision and Dr Fan will after almost 5 years of petitioning, receive his proportionate shares in Legend Biotech Corporation, a NASDAQ listed company with a market cap of over $5bn, in which the Partnership holds approximately $750m worth of stock. The team was led by TTA litigation partner Bhavesh Patel, and consisted of counsel Bryan Little, instructing Ben Valentin KC of Fountain Court with Seladore Legal as Privy Council agents.
The JCPC upheld the decision of the Cayman Islands Court of Appeal (which had upheld the decision of Justice Doyle) to wind up Aquapoint LP on just and equitable grounds. TTA’s advisories in respect of the first instance and CICA decisions can be found here.
The decision means that Martin Trott of R&H Restructuring and Tony Kapp of Shinewing can continue their role as liquidators appointed over the Partnership and distribute the shares it holds in Legend Biotech. The JCPC board’s decision can be found at https://www.jcpc.uk/cases/jcpc-2024-0007.