LXP successfully granted leave to appeal to the Privy Council
On 25 September 2017 the Court of Appeal of the Commonwealth of the Bahamas heard arguments in relation to an application seeking leave to appeal to the Privy Council from a decision of the Court of Appeal which set aside an Order granting leave to serve a fraudulent preference claim outside of the jurisdiction brought by the Liquidator of a company in liquidation. The application was argued by Brian Simms QC and Sophia Rolle-Kapousouzoglou on behalf of former creditors of a Bahamian Mutual Fund.
The Court of Appeal acceded to the application and determined that the case was one which raised issues of law of general public importance, and that it raises issues on which the Privy Council has not yet ruled and which require further ventilation and pronouncement by the Privy Council.
When the appeal is heard, the Privy Council will have an opportunity to consider the extraterritorial effect of clawback claims in insolvency proceedings, a point which has been subject to academic debate following Re Tucker (a Bankrupt)  Ch.148 which considered legislation resembling the present day statutes in The Bahamas.