Section 21Part 3 — Beneficial Ownership RegisterAmended
Applications to the Grand Court
←→ Navigate · Click subsection badges to collapse · Press ? for help
Amended by Supplement No. 1, Gazette No. 3 of 2026 on 23 Jan 2026 — commenced 21 Jan 2026 (Supplement No. 1, Gazette No. 3 of 2026)
The Grand Court may, on an application by any person aggrieved by a decision of a corporate services provider under section 19, make an order giving direction s for the purpose of protecting the rights of third parties, persons with a security interest over the relevant interest, shareholders or other beneficial owners in respect of a relevant interest, if the Court is satisfied that a restrictions notice unfairly affects those rights.
An order under sub secti on (1) —
shall direct, subject to such terms as the Court thinks fit, that certain acts do not constitute a breach of the restrictions placed on the relevant interest by the restrictions notice;
shall specify the acts that do not constitute a breac h of the restrictions; and
may confine the direction to cases where those acts are done by persons, or for purposes, described in the order.
A corporate services provider that issues a restrictions notice, or any person aggrieved by such notice, ma y apply to the Grand Court for an order directing that the relevant interest cease to be subject to restrictions contained in the restrictions notice .
The Grand Court may only make an order under sub section (3) if —
the Court is satisfied that the information required by the notice served under section 8 or 1 4 has been disclosed to the legal person and no unfair advantage has accrued to any person as a result of the earlier failure to make that disclosure; or
the relevant interest is to be transferred for valuable consideration and the Court approves the transfer.
An order made by virtue of subsection (4)(b) may continue, in whole or in part, the restrictions referred to in sections 20(1)(c) and (d) insofar as they relate to a right acquired or offer made before the transfer.
Where any restrictions continue in force by virtue of subsection (5) —
an application may be made under this section for an order directing that the relevant interest cease to be subject to those restrictions; and
subsection (4) does not apply in relation to the making of such an order.
On the application by a corporate services provider that issues a restrictions notice, the Grand Court may order that the relevant intere st that is subject to restrictions be sold on the condition that the Court approves the sale.
A Court that makes an order under subsection (7) may make such further order relating to the sale or transfer of the interest as it thinks fit on application by —
the corporate services provider that issued the restrictions notice;
the person appointed in pursuance of the order to effect the sale; or
any person with an interest in the relevant interest.
On making an order under subsection (7) or (8), the Court may order that the applicant’s costs be paid from the proceeds of sale.
If a relevant interest is sold pursuant to an order under subsection (7), (8) or (9), the proceeds of the sale, less the costs of the sale, shall be paid into the Grand Court for the benefit of persons who are beneficially interested in the relevant interest.
A person who is beneficially interested in the relevant interest may apply to the Grand Court for the whole or part of those proceeds to be paid to that person.
On an application under subsection (11), the Court shall order the payment to the applicant of —
the whole of the proceeds of sale together with any interest on the proceeds; or
if another person was also beneficially interested in the relevant interest at the time of the sale, such proportion of the proceeds (and any interest) as the value of the applicant’s interest bears to the total value of the relevant interest. c Revised as at 14th January, 2026 Page 23
Where the Court has ordered under subsection (9) that the costs of an applicant be paid from the proceeds of sale, the applicant is entitled to payment of those costs before any person receives any part of the proceeds under this section.