BVI Finance This Week 12/02/21

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14Feb

BVI Finance This Week 12/02/21

14 Feb, 2021 | View Counts (1016) |Return|

FRIDAY 12 FEBRUARY, 2021

BVI FSC ANNOUNCES THE FINANCIAL SERVICES (PRUDENTIAL AND STATISTICAL RETURNS) (AMENDMENT) ORDER, 2021

The BVI Financial Services Commission (the “Commission”) has issued the Financial Services (Prudential and Statistical Returns) (Amendment) Order, 2021 ("the Order"). The Order comes into force on 15 February 2021 and is available on the Commission's website.

The initial submission date for the new returns is 15 May 2021 for the calendar year 2020. After that, the returns are required to be submitted by 31 March annually.

Click here to read more.

NEW CHAIRMAN OF THE BOARD OF BVI FINANCE

Nick Bishop

BVI Finance, the voice of the British Virgin Islands (BVI) financial services industry, has announced the appointment of Nick Bishop as Chairman of its Board of Directors.

Mr. Bishop was appointed to the chairmanship role by the newly formed Board of Directors of BVI Finance for 2021 at their first official meeting on 10^th February 2021.

Mr. Bishop has over 30 years of experience within the financial services industry, including senior leadership roles across Europe, the Middle East and Asia. Mr. Bishop was appointed Regional Director of Trident Trust, a global corporate, fiduciary and fund administrator, in 2019 and was before then its MD. He has been sitting on BVI Finance’s Board of Directors since 2019.

Commenting on his appointment, Nick Bishop, said: “I am delighted to have been appointed Charmain of BVI Finance’s board of Directors,” said Bishop, “BVI Finance has a long-standing reputation in showcasing regulatory innovation and excellence in the British Virgin Islands. I look forward to upholding BVI Finance’s mission and continue to work closely with our experienced and dedicated board members.”

Commenting on Mr Bishop’s new role, Elise Donovan, CEO of BVI Finance, said: “I welcome Nick’s appointment as the new Charmain of our Board of Directors. Chairing the board is an immense responsibility, even more so as the BVI plays a crucial role in guiding economic recovery in these uncertain times. Nick’s wealth of experience and international expertise will be of great assistance. BVI Finance looks forward to continuing working with him as he takes on this new role.”

The other members of BVI Finance’s Board of Directors are industry representatives Charlotte Bailey, Russell Crumpler, Simon Filmer, Ryan Geluk, Jeffrey Kirk, Tesca Mathurin, Lorna Smith, George Weston, and Government representatives Permanent Secretary Carolyn O’Neal-Morton and Executive Director of International Business Lisa Penn-Lettsom.

UNFAIR PREJUDICE: TO BUY-OUT OR NOT TO BUY-OUT, THAT IS THE QUESTION (FOR THE JUDGE'S DISCRETION

The types of remedies that should be granted in a shareholder dispute was the main issue for determination in Ming Siu Hung & Ors v JF Ming Inc and another, which arose in the context of an unfair prejudice claim in the British Virgin Islands.

At first instance, the BVI High Court was satisfied that there had been unfairly prejudicial conduct by the majority shareholder and granted a buy-out order. The Court of Appeal reversed the High Court's buy-out order but upheld the findings of unfairly prejudicial conduct.

The Privy Council reversed the findings of the Court of Appeal and, holding that a buy-out order was appropriate in the circumstances, it criticised unnecessary appellate interference with the discretion of first instance judges. When a finding of unfair prejudice is made, judges have very broad discretion to determine what relief is suitable and this discretion should not be interfered with.

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2020 FINANCIAL SERVICES AWARDS VOTING

This new year brings us the opportunity to celebrate our accomplishments of the past year. There is no better or easier way to do so than to vote for your top person or business in each award category for the 2020 Financial Services Awards.

Please save the date and join us for the Awards Gala on March 2021 (to be confirmed).

Click here to vote and also, click here to sponsor the event.

VOLUNTARY LIQUIDATION UNDER THE BVI BUSINESS COMPANIES ACT 2004

The BVI Business Companies Act 2004 provides a simple procedure, called a voluntary liquidation, for liquidating a solvent BVI company. This briefing examines the voluntary liquidation process.

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BVI COMPANY LAW SERIES CONTINUATIONS IN

The BVI Business Companies Act, 2004 (as amended) (the “Act”) and its predecessor statute have long recognised that companies which incorporate in one jurisdiction may benefit from the flexibility of being able to migrate to another jurisdiction.

The Act provides a straightforward corporate registry-based system for companies to continue into the BVI.

Click here to read more.