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FRIDAY 11 SEPTEMBER, 2020
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HOW THE BVI LEVERAGES TECHNOLOGY IN CREATING AN EFFICIENT INTERNATIONAL FINANCIAL CENTRE
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Pictured: Jeffrey Kirk, Managing Partner, Appleby
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Pictured: Tamara Maduro, Associate, Appleby
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The BVI Business Company is widely used globally as the core of many corporate financing investments, asset holding and private wealth structures. As one of the world’s leading offshore corporate domiciles, efficiency and transparency are important tools necessary for the BVI to maintain its position as a market leader for corporate vehicles and services.
Key contributors to this continued success are two of the most innovative and efficient electronic financial services systems, namely the BVI Registry of Corporate Affairs’ Virtual Integrated Registry Regulatory General Information Network or “VIRRGIN” and the “BOSSs” (Beneficial Ownership Secure Search System).
In 2006, the British Virgin Islands Financial Services Commission (BVIFSC) launched an internet-based system, VIRRGIN, which allowed industry practitioners an electronic platform and mechanism for handling, processing and receiving corporate registry feedback on critical documents filed with the Registry of Corporate Affairs.
Click here to read more.
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OGIER'S BVI & HONG KONG TEAMS ADVISE IN LIQUIDATION MATTER INVOLVING SECURED CREDITORS
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Grant Carroll and Daniel Mitchell of Ogier in the BVI, together with Oliver Payne and Edwin Gomez of Ogier in Hong Kong represented Chance Talent Management Limited ("Chance Talent"/the "Applicant") in its recent application (the "Application") to appoint liquidators over Novel Blaze Limited ("Novel Blaze"). The matter came on for hearing on 8 June 2020 in the BVI Commercial Court before Justice Jack.
Novel Blaze opposed the application on a number of grounds. The most novel of which stemmed from an objection to the debt (upon which the liquidation application was grounded) (the "Debt") being used to wind up the company when the Applicant held security for its debt by way of secured charges in Novel Blaze's subsidiaries.
The objection had two prongs of attack:
- the Applicant was not a "creditor" within the Insolvency Act, 2003 (the "Act"), rather it was a "Secured Creditor" and, as such, had no standing to bring the Application; and
- because the Debt was secured by the Applicant in Novel Blaze's subsidiaries, it would 'augment' the estate of the company if the Applicant were to both wind Novel Blaze up and still be allowed to realise its security.
Justice Jack dismissed Novel Blaze's objections and wound the company up.
Click here to read more.
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CAREY OLSEN HIRES NEW DISPUTE RESOLUTION AND LITIGATION PARTNER TO LEAD ITS BVI PRACTICE
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Carey Olsen has appointed Alex Hall Taylor QC as partner and head of its British Virgin Islands (BVI) dispute resolution and litigation practice.
He takes over from Ben Mays who, after more than five years making an invaluable contribution to the firm in the role and leading Carey Olsen's on-the-ground recovery in the BVI following Hurricane Irma, has decided to retire from the legal profession to pursue new opportunities.
Click here to read more.
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Pictured: Alex Hall Taylor QC, Partner, Carey Olsen
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A SHARP TURN: HAS CRYPTOCURRENCY HIT A BREAKING POINT ?
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No doubt, you would have heard about cryptocurrency spiralling down in value over the past two weeks.
Bitcoin fell sharply, nearly touching US$10,000 per coin.
What was the cause of this?
Is this the end of crypto?
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A sudden fall in cryptocurrency prices
No one appears to have a certified reason for this sharp decline.
Several explanations have been suggested:
- Gold is losing its value.
- Tech stocks like Apple and Facebook have tumbled.
- So there’s a connection between crypto pricing and the volatility of other assets.
As I’ve mentioned before, Bitcoin is often referred to as digital gold.
Over the past few years, Bitcoin and physical gold have consistently been moving in sync with one another. They stay around the same resistance level in terms of value.
However, when gold fell recently, a herd mentality took hold in the markets. This may have created a temporary weakness in crypto prices.
In addition, tech stocks have fallen sharply this past week as well. This correction was healthy and expected. Tech stocks have risen too fast, too quickly, in the aftermath of COVID. A reset was needed.
Click here to read more - by Alistair Bilkey
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EU ULTIMATUM TO UK OVER WITHDRAWAL DEAL CHANGES
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The EU is demanding the UK ditches plans to change Boris Johnson's Brexit deal "by the end of the month" or risk jeopardising trade talks.
The UK has published a bill to rewrite parts of the withdrawal agreement it signed in January.
The EU said this had "seriously damaged trust" and it would not be "shy" of taking legal action against the UK.
But cabinet minister Michael Gove said the UK had made it "perfectly clear" it would not withdraw the bill.
The government says Parliament is sovereign and can pass laws which breach the UK's international treaty obligations.
EU chief negotiator Michel Barnier said "trust and confidence are and will be key", after the latest round of UK-EU trade talks wrapped up in London on Thursday.
His UK counterpart David Frost said "significant" differences remained over a free trade deal, but added discussions would continue in Brussels next week.
Click here to read more.
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COMPLIANCE OFFICER/MLRO
The role requires candidate with a minimum experience of 5 years, additional qualification will be considered as well, with well-rounded knowledge in AML Code of Practice, AML Regulations and all other relevant legislations, since he/she will interact with Compliance Committee at a Board level, as well as other persons at managerial level in the organization. Responsible also to liaise with Financial Services Commission, the International Tax Authority and the Financial Investigation Agency.
Belonger status is preferred, excellent verbal and written communication skills in English. Please note this is a position subject to the approval of the BVI Financial. CV can be sent to the following email: mhibbert@pmalawyers.com
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UPCOMING EVENTS
SEPTEMBER
BVI Finance Breakfast Forum
Webinar | 16 Sep | 9:00 a.m
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