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ESTATE PLANNING AND CRYPTOCURRENCIES
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There are many things that one is sure of in life and, as the sun rises each day, we know that death and taxes are occurrences that, while we can prepare for them if we are lucky, we cannot avoid.
Different types of assets have emerged and evolved over the years. Who remembers the first computers, or even a time before computers? A time before the “I owe you” notes, or the first payment by cheques (or really, a scribbling on a piece of paper to take to a bank and they will give you cash, hopefully), to the first payment by plastic. Swipe a plastic card through a machine or punch in 4 digits and you may walk out of my store with my goods in your hands. To present-day (well, a few years ago really), where there exists digital currency which is mined on a computer by mathematical whizzes solving puzzles for coins.
If one thing is for sure now, it is that cryptocurrencies are deemed property. See the case AA v. Persons Unknown and Others, Re Bitcoin of the English High Court, which dealt with bitcoins in particular. Not that we needed the case law to confirm that reality. However, as lawyers, we love having case law as the authority on an issue. It is our lifeline. Perhaps, I exaggerate a little, but you get the point.
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In any event, people have been using bitcoins (a type of cryptocurrency) to purchase goods and therefore use it as currency, albeit fiat currency (i.e.- not backed by any central bank).
Click here to read full article.
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REGISTER NOW FOR UPCOMING BVI FINANCE BREAKFAST FORUM
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INSOLVENT TRADING - BRITISH VIRGIN ISLANDS COMPANIES
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Many businesses are currently experiencing unprecedented pressure on their cash flow as a result of the COVID-19 pandemic and the governmental restrictions which are being implemented around the world. It is very important therefore that directors of British Virgin Islands (BVI) companies which may be approaching insolvency take steps to evaluate the position of the company with a view to avoiding personal liability. A director can be personally liable if such director fails to take appropriate steps to commence formal liquidation where there is no reasonable prospect of the company avoiding insolvent liquidation.
A company will be insolvent under BVI law if any of the following apply:
- the company fails to comply with a statutory demand which has not been set aside;
- the company’s liabilities exceed its assets;
- the company is unable to pay its debts as they fall due; or
- execution or other process issued on a judgment is returned wholly or partly unsatisfied.
Determining whether a company is unable to pay its debts as they fall due can be a grey area and so directors need to consider the issues below as soon as they become aware of prospective financial difficulties. The relevant duties apply to all directors, including shadow directors if any.
The fundamental question directors should consider, both when financial difficulties first become apparent and on an ongoing basis until the financial difficulties are resolved, is whether there are reasonable prospects that the company will avoid insolvent liquidation. If the answer is that there are no such reasonable prospects, the directors should take appropriate steps to appoint an insolvency practitioner to act as liquidator of the company as soon as reasonably practicable.
- A director may be held personally liable if, on the application of a liquidator, a court decides that the director knew or ought to have concluded prior to commencing formal liquidation that there was no reasonable prospect that the company would avoid going into insolvent liquidation.
Click here to read full article.
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HURRICANE SEASON - BE READY FOR ANYTHING
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Our history tells a strong story of resilient people; people who are aware and always ready to respond and take care of each other.
To be clear, it’s not likely that we will face multiple record-setting events in such a short period again, but these events and others happening around the Caribbean show we are living in challenging times. Our forefathers may have had the luxury of thinking about one hazard at a time, but we do not. Rather than continue to do things as we always have, we must acknowledge this new reality and prepare accordingly. It’s important that we ‘Be Ready for Anything’.
I know without protecting yourselves, your homes and families first, none of you are likely to be at your best to perform critical work duties. In the coming weeks, please take the time to ensure you are prepared at home.
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As you prepare, I encourage you to consider the necessary steps when readying your homes:
- Update Your Emergency Plans. Include provisions for how you and your family will handle a possible evacuation. Make sure all contact information and important documents are current and accessible;
- Prepare Your Homes. Make sure your routine home maintenance and insurance coverage is up-to-date, along with home security measures, such as hurricane shutters, are ready to be put in place; and
- Gather Supplies. Out of an abundance of caution, we should all have adequate supplies at home in the event we must quarantine and shelter-in-place simultaneously. When we assemble our emergency kits, we should check to make sure we have the items in a traditional “hurricane kit” like first aid supplies, a flashlight and battery-powered radio, but we should also include items to help protect our families from COVID-19, like face masks, hand sanitizer, and disinfecting wipes.
Click here to read full Circular No. 9 of 2020.
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VISTRA 2020 - CHARTING A DECADE THAT TRANSFORMED CORPORATE SERVICES
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Since Vistra 2020’s inception in a decade ago, the flagship research programme has brought together multi-stakeholder insights – from corporate service providers and bankers to regulators and clients – to assess how the industry may develop over the decade ahead.
In the upcoming report, they will explore how industry stakeholders believe a series of disruptive – and often conflicting – forces will play out in over the coming years, such as:
- Economic nationalism versus continuing globalization. How will the fallout from Covid-19, the rise in nationalist politics and the continued power shift to emerging markets impact global investment flows?
- Regulatory convergence versus divergence. What should the industry expect next in areas such as economic substance, information sharing and international tax rules? Is global alignment becoming a more distant prospect?
- Privacy versus transparency. Momentum behind financial transparency legislation continues to grow, but some provisions are being challenged on privacy grounds. How should legislators ultimately strike the right balance?
The report is set to launch later this year, with a new name and a fresh look as a clear statement of their intent to support the industry with research-driven insights for the decade ahead. For those who have yet to complete the Vistra 2020 survey, you can still submit your survey before 22nd May 2020. You can do so by contacting Vistra2020@vistra.com to sign up.
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Weekend Reading Suggestions
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9 MISTAKES YOU SHOULDN'T MAKE DURING REOPENING
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Even as the country starts to emerge from quarantine, many of the safety precautions we've been employing the last few months need to remain in practice in order to avoid a dangerous second wave of the coronavirus. To help you stay safe, here are the mistakes you should avoid when out in public after reopening.
- Shaking Hands
- Hosting a party to reconnect with friends
- No longer practicing social distancing
- Showing up to a restaurant without calling
- Visiting places that have lax safety protocols
- Paying with Cash
- Having all employees return to work at the same time
- Forgetting about other safety measures
- Assuming the virus is no longer a threat
Click here link for more details on the 9 mistakes you shouldn't make during reopening by Kali Coleman.
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INTERNATIONAL DAY OF FAMILIES 2020: 5 TIPS TO ENSURE A HEALTHY, BALANCED DIET FOR YOUR FAMILY
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Here are 5 tips by which you can ensure your family eats healthily and includes all the required nutrients in their meals.
5 tips to ensure a healthy, balanced diet for your family
Include vitamins – As mentioned, vitamins play a very important role in keeping us healthy and warding off diseases. Two most important vitamins for immunity are vitamin D, and vitamin C. You must try to include foods rich in vitamins in your family's diet. This can be done by including fresh fruits in breakfast or as mid-day snacks, and ensuring that everyone spends some time in the sun to get their daily dose of vitamin D. Dairy products should be included in the diet of children especially, to provide them with their daily requirement of vitamin D. Fatty fish are also a food-based source of vitamin D.
Proteins on the plate– Proteins are the building blocks of tissues, and play a major role in growth and healing. Therefore, protein is of utmost importance for all age groups, but especially kids and older people. Eggs, pulses, and meat are a great source of protein and should be added to your family's diet.
Say yes to healthy fats – All of us have become so healthy conscious at this time point that we have started to cut off anything that says “fat” from our diet. While processed fats and fats from unhealthy food sources are a strict no-no for any age group, you must say yes to healthy fats in your diet. This help provides your body with essential nutrients, and also ensure a curbed appetite to avoid over-eating. Sources of healthy fats include ghee, cheese, etc.
Dietary fibre – Dietary fibre acts as a catalyst for digestion, and helps your body digest food easily and in a better way, ensuring that all nutrients from the food are absorbed in your system. You must try to include fibrous foods in your family's diet. Fruits and vegetables, and whole grains are a great way to introduce fibre in your diet.
A little exercise is must – Apart from a healthy diet, a little exercise is extremely important to ensure the overall health of your family. During this lockdown, you can introduce family workouts. Make them fun and sustainable by incorporating some games like passing the ball, and fun music.
Click here to read more on Anushree Gupta 5 tips.
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UPCOMING EVENTS
May
BVI Finance Breakfast Forum
Webinar | 20 May
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