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BVI COURT DEMONSTRATES IT WILL CONTINUE TO AID CREDITORS PURSUING UNPAID DEBTS
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A recent matter which came before a strong Court of Appeal panel demonstrates that the BVI Court will continue to come to the aid of creditors pursuing unpaid debts and that they should not necessarily be deterred from pursuing a debt in the BVI even if the security over the debt is in issue.
The matter initially came before the Commercial Court in early 2020 when Chance Talent Management (Chance Talent/Respondent) made an application (the Application) to appoint liquidators over Novel Blaze Limited (Novel Blaze/Appellant). On hearing from the Parties, The Honourable Justice Jack made an order winding up Novel Blaze and appointed Roy Bailey of EY (amongst others) as joint liquidators of the Novel Blaze.
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BVI CORPORATE STRUCTURES IDEAL FOR CHINA INVESTMENT
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BVI’s corporate structures are ideal for Chinese investment, due to the strong and long-term relationship between the BVI and China.
This was highlighted during a May 20 panel discussion, ‘Corporate Structuring in a Post-COVID World’, for the 10th Annual China Offshore Summit-Spring Edition Virtual Summit.
The panel, moderated by China Offshore Director Matthew Sumner, comprised Jeff Kirk, Managing Partner, Appleby (BVI); Gareth Thomas, Managing Director, Ocorian Trust (BVI); Ellie Crespi, Managing Partner, Collas Crill (BVI); and Adenike Sicard, Managing Partner, Sinclairs (BVI).
Click here to read more.
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GETTING AHEAD OF THE CURVE IN 2021
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We bring you our annual analysis of the top five findings from our Anti-Money Laundering (“AML”) / Counter Financing of Terrorism (“CFT”) / Counter Proliferation Financing (“CPF”) and Sanctions assessments conducted in 2020.
In the first quarter of 2021, we saw the BVI Financial Services Commission (“FSC”) issue the Financial Services (Prudential and Statistical Returns) (Amendment) Order, 2021 ("the Order"). The Order came into force on 15 February 2021. Pursuant to the provisions of the Order, the obligations for regulated persons under the Order to file statistical or prudential returns with the FSC have been amended significantly. This will create additional reporting obligations for BVI entities under relevant BVI financial services legislation. The Order has also introduced a new obligation on certain regulated persons to file an annual AML/CFT return with the FSC.
Click here to read more.
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THINGS YOU NEED TO KNOW ABOUT DISPOSING OF ASSETS OF A BVI COMPANY
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In light of the recent macroeconomy uncertainties and the impact of the global COVID pandemic, there is an increasing number of reorganisations and restructurings involving sale and purchase of assets by BVI companies.
In this podcas,t we have examined the things we need to know about the way asset disposals in BVI companies can be managed.
Click here to read more.
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10 THINGS EVERY FINANCE LAWYER SHOULD KNOW ABOUT THE BRITISH VIRGIN ISLANDS
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A quick reference guide to some of the most frequently asked questions arising out of financing transactions involving British Virgin Islands (BVI) companies.
Click here to read more.
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FFP (BVI) LIMITED RELOCATES
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Effective June 1, 2021 FFP (BVI) Limited new physical address is 2nd Floor Water’s Edge Building, Wickham’s Cay II, Road Town, Tortola, British Virgin Islands VG 1110. Also, their mailing address is: P.O. Box 2429, Road Town, Tortola, British Virgin Islands VG 1110.
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