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As we enter a second week under curfew, and the Easter holidays, we have been reflecting on the resilience and innovation already seen across the industry, which makes us hopeful for the coming weeks and months.
We are truly grateful for all that you are doing to keep the BVI’s financial services industry open for business. We certainly appreciate the dedication, commitment and perseverance you continue to show in spite of the challenges. We’re also grateful for the services whether provided by the Cabinet, the Deputy Governor and his team, the Registrar and her team, the Police, the Gazette Office, the Post Office, the BVI Financial Services Commission, the couriers and all who make it possible for us to do business.
Let’s remain steadfast in our dedication to maintaining our world-class industry during these turbulent times. BVI means business and that remains constant.
Families, friends, colleagues and communities, while we continue to adhere to social distancing measures to combat the spread of COVID-19, let us reach out to one another – virtually – to offer support and camaraderie. As the Premier says frequently, “we’re all in this together.”
As we reflect this Easter, let us be grateful for the blessings we have among us and say a prayer for and send a word of encouragement to those on the frontlines of this pandemic across the world.
Be safe and healthy,
Elise Donovan, CEO of BVI Finance
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WEBINAR: CRISIS MANAGEMENT - LIQUIDITY AND OTHER CHALLENGES
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BVI Finance is pleased to host a webinar titled “Crisis Management - Liquidity and Other Challenges” on 15th April at 10:00am. Mark Raddan, KPMG’s Global Head of Turnaround, and Russell Crumpler, who leads KPMG’s BVI Advisory team and heads up KPMG’s restructuring presence in the island economies, will be presenting a webinar focusing on these challenges.
They will be providing an overview of the sorts of steps directors and management should be considering, the protective measures they should take and some of the things that should perhaps be avoided. A key part of this focus will be on liquidity – in times of crisis, cash becomes one of the most important considerations. However, Raddan and Crumpler will also touch on director’s duties, dealing with creditors, financing and other important considerations.
With any webinar, particularly where internet infrastructure is under a little pressure and presenters are in separate locations, audience participation is crucial. We will be making arrangements for questions to be submitted during the webinar, but would also appreciate the submission of relevant queries in advance. Pleases send such queries to info@bvifinance.vg.
You can register for the webinar, here.
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BVI GOV SAYS COURTS MEETING REMOTELY DURING TERRITORY’S LOCKDOWN
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The Criminal Court has heard two matters over three sittings while the Magistrate’s Court has dealt with one matter despite the 14-day, 24-hour curfew.
The Courts continue to utilise audio-video links to hear matters, conduct online searches and probate decisions remotely. From 27th March until 7th April, the Supreme Court continued its function of hearing matters and delivering decisions in the Court of Appeal, Civil Court, Commercial Courts, Criminal Court, and Master's Court.
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Registrar of the Supreme Court, Erica Smith-Penn said the courts have benefitted from the integration of technology since the hurricanes of 2017 when the relevant legislation was passed. She said the courts have been conducting hearings across the globe at any time in order to allow for justice and expediency while remaining responsive to its clients in the Eastern Caribbean, the Virgin Islands and across the world.
Commenting, Acting Director of Public Prosecutions, Tiffany Scatliffe-Esprit said: “Video conferencing technology has greatly benefited the courts as we were able to have matters heard during this time in accordance with social distancing protocols.” She added: “The use of videoconferencing technology has proven to be essential to keeping the Territory’s Criminal Justice System operational and allowing parties to seek justice.”
To read the full article, click here.
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MEASURING IMPACT OF COVID-19 - BUSINESS QUESTIONNAIRE
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The Government of the Virgin Islands through various agencies such as the BVI Tourist Board, Department of Trade, Investment Promotion and Consumer Affairs and the Department of Labour and Workforce Development along with the BVI Chamber of Commerce and Hotel Association, is conducting a survey on the impact of COVID-19 pandemic on business activity throughout the Territory. This survey seeks to identify and assess the impact on business operations and determine what ongoing assistance may be required.
Please access the survey here complete the survey to the best of your ability. Information provided will be kept in the strictest of confidence. Information will only be disseminated in aggregate therefore eliminating the possibility of identification of the business entity.
Please submit responses by 16th April 2020.
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USEFUL TIPS TO MAKE WORKING FROM HOME A BIT EASIER
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For the last few weeks, we’ve all had to change the way to we do things and adapt – the way we work, the way we communicate, and the way we socialise.
COVID-19 has made us all figure out a new way to do things and being on a 24-hour curfew in the BVI, we have had our own strains when working from home and that’s especially true for parents who have had to juggle assisting their kids with their schoolwork while still taking part in meetings and working full time. One of our members, Steve Bispham, who is Director - Risk & Compliance at JTC, is one such parent who’s had to adapt.
With the Easter holidays upon us, Bispham and his team have shared the below useful tips, which we thought will be very useful in balancing getting work done and keeping the kids entertained.
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Industry members should:
- Have a plan for the use of the internet/ TV during this lockdown period. Parents should agree a time limit for children to use the internet during the day to watch shows on Netflix or YouTube etc. and stick to the agreed plan.
- Download shows during the evenings and nights after normal working hours and watch those shows offline during the daytime instead of streaming live during the daytime. Doing this can free up considerable bandwidth during working hours and give priority to companies who are working on income generating activity for the territory.
- Encourage older children to limit gaming during the daytime or to do so at night after normal working hours, again to reduce the demand during the daytime.
- During daytime hours set aside time for good old-fashioned reading from a book, playing board games, doing craft etc. Having children involved in non-electronic activity for two hours during the day will free up demand for the internet as well as encourage creativity in our children that some of us would have grown up with.
We commend the JTC team for this very helpful submission and we hope it’s as helpful to everyone as it was to us. These comments reciprocate the comments from the telecommunications experts at the last BVI Finance Breakfast Forum, which you can view here. If you have some helpful tips to share, please email us at info@bvifinance.vg.
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US COURT RECOGNISES BVI AND BRAZIL PROCEEDINGS FOR CONSTELLATION SUBSIDIARIES
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A New York court has recognised the British Virgin Islands (BVI) and Brazilian restructuring proceedings for two subsidiaries of global oil group Constellation, 11 months after excluding them from a recognition order for the rest of the group over jurisdiction issues. You can read more by subscribing to Global Restructuring Review, here.
Insolvency and restructuring experts at Kalo BVI have also achieved successful recognition with these proceedings. Kalo’s Managing Director Paul Pretlove acted as joint provisional liquidator to Olinda and five other Constellation entities. Paul said: “The scheme was the final step in a US$1.5 billion global restructuring of the group that had closed in December 2019. Kalo were the first soft-touch provisional liquidators ever appointed in the BVI and have a growing reputation in this field building on a number of previous successful and significant restructuring assignments including Ocean Rig and LDK Solar.
“This case has really put BVI on the global restructuring map as a place that companies and stakeholders can come to perform the types of restructuring of holding companies that have been seen more regularly in the Cayman Islands and Bermuda previously. I have to commend the BVI judiciary, who have shown swift assistance, considered the position and are prepared to cooperate with international courts to put in place the necessary protections to allow a successful outcome.”
Read more, here.
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BVI COURT OF APPEAL FINDS IN FAVOUR OF OGIER'S CLIENT IN RECOVERABILITY OF FEES APPEAL
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The BVI Court of Appeal has found for Ogier's client in a decision handed down on 30th March 2020, dismissing the appeal against Ogier's client and confirming that fees of overseas practitioners incurred prior to the enactment of the Legal Profession Act are not prohibited from being recovered.
The decision was handed down remotely by the Court of Appeal in adherence to current curfew rules in the BVI in light of the COVID-19 outbreak.
The Court also overturned the fees of a costs draftsman incurred after the Act was introduced, finding that even this type of work is that of a BVI legal practitioner and therefore not open to recovery after the introduction of the Act.
The Appeal was run by Nicholas Brookes of Ogier, led by Adam Solomon QC of Littleton Chambers.
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Nicholas Brookes said: "The Eastern Caribbean Supreme Court and its operation in the BVI has transitioned almost seamlessly to remote working and video-conferencing, accompanied by robust and prompt emergency measures introduced as rules by the Court to facilitate the continuation of hearings.
"We are grateful to the Court and all its staff for these measures and for all their efforts to ensure continued access to justice and so that, for this world class legal system, it remains business as usual."
For the written judgment, click here: Zorin Sachak Khan & others v Gany Holdings (PTC) SA & another BVIHC(COM) 20 of 2012
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Weekend Reading Suggestions
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25 HOUSEHOLD ITEMS THAT YOU CAN REPURPOSE WHEN YOU’RE DONE WITH THEM
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It’s easy to go through any number of items in a day and be tempted to toss them when you’re done. Maybe an old and trusted T-shirt finally rips or the dresser drawer falls out. An instinct may be to throw them out, but try to look at them in a different light. Many household items can be used in ways they weren’t originally made for, helping you save money, spruce up the house and more. Click here for some tips and tricks!
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UPCOMING EVENTS
April
BVI Finance Breakfast Forum
Webinar | 15 April
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