In a judgment delivered on February 19 2004 the Staff of Government Division – the Isle of Man appeal court – examined the distinctions in Manx private international law between a judgment in personam and a judgment in rem.
In considering the relevant issues, both the court of first instance and the Staff of Government Division considered the English decisions of Macmillan Inc v Bishopgate Investment Trust Plc (No 3) [1996] 1WLR 387, Re: Harvard Securities Limited [1997] 2BCLC 369 and Glencore International AG v Metro Trading International Inc [2001] 1 Lloyds Report 284.
Having reviewed these decisions and the lower court’s analysis of the relevant facts, the Staff of Government Division took the view that, in essence, the only court with jurisdiction to deal with issues of legal and beneficial ownership of the shares in a company incorporated under the laws of the Isle of Man, where the share register is maintained within the jurisdiction and in the absence of bearer shares, is the Manx court.
Download the full article here: Confirmation of the Applicability of the Lex Situs Rule