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CURRENCY OF THE FUTURE: A BVI PERSPECTIVE ON LITIGATING CRYPTOCURRENCY
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Philip Smith and Jason Kardachi (in their capacity as joint liquidators of Torque Group Holdings Limited) v Torque Group Holdings Limited (the "Company") (in liquidation) BVIHC (COM) 0031 OF 2021, highlights the first judgment in this jurisdiction concerning the legal status of cryptoassets in the British Virgin Islands ("BVI").
In a recent judgment, the BVI court granted sanction to joint liquidators in respect of certain actions proposed to be taken by them pertaining to cryptocurrencies (the "cryptoassets"). In determining whether or not cryptocurrency is an 'asset' for the purposes of a liquidation, Justice Wallbank (Ag.) relied on the guidance given by the UK Jurisdiction Taskforce in Legal Statement on Cryptoassets and Smart Contracts which stated that cryptoassets are to be treated as 'property' at common law and for the purposes of the English Insolvency Act.
Click here to read more.
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BVI COMMERCIAL COURT PROVIDES GUIDANCE ON ADVERSE INFERENCES AND THE DUTY TO DISCLOSE ADVISORS' INTERNAL DOCUMENTS
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On 22 September, the Commercial Court of the British Virgin Islands (BVI) handed down judgment in Ace Lead Profits Ltd & Shao Baiqing (the Claimants) v Hollysys Automation Technologies Limited1 (the Company). Mourant acted for the Company in successfully defending the claim, which challenged amendments made to the Company's articles of association (the Amendments and the Articles respectively).
In the judgment, the Honourable Justice Jack provides useful guidance regarding a number of matters, including whether a company is under a duty to disclose its legal advisors' internal documents to shareholders in the context of these proceedings, where these advisors had advised the Company on the Amendments.
Click here to read more.
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BVI INDUSTRY STAKEHOLDERS LEARN ABOUT ERADICATING SLAVE LABOUR WITH FREEDOM SEAL
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While a sharp focus on regulation in the financial services industry for Anti-Money Laundering and Countering the Financing of Terrorism (AML/ CFT) is maintained, BVI industry players are now asked to join the fight to eradicate all aspects of slave labour and human trafficking in business.
Rani Hong, CEO of The Freedom Seal, and child trafficking survivor, told stakeholders: “We is greater than me” and issued a call to action to not only talk about forced labour, but to commit to solving the issue through action.
Click here to read more.
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SUSTAINABILITY FRAMEWORKS
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Sustainability: the future of corporate reporting. Companies are under increasing pressure to demonstrate greater commitment to long-term, sustainable value creation which incorporates the wider demands of people and planet. However, the current landscape of sustainability standards and standard setting is crowded, fragmented, changing fast, and can be hard to follow.
This publication sets out the types of sustainability disclosures that companies might think about publishing, provides a high level overview of a number of the most well established existing sustainability standards and frameworks, and looks at current and future expected developments.
Click here to read more.
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PRIVATE TRUST COMPANIES IN THE BRITISH VIRGIN ISLANDS
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The BVI Banks and Trust Companies Act, 1990 (as amended), (the "BTCA") generally prohibits any company from carrying on trust business in or from within the BVI, unless it holds a valid licence authorising it to carry on that kind of trust business.
"Trust business" is defined as the business of:
- "acting as a professional trustee, protector or administrator of a trust or settlement [1];
- managing or administering any trust or settlement; or
- acting, in relation to a Class I trust licence, as trustee under wills and settlements and as executor and administrator of deceased persons."
Click here to read more.
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THE HOUSE THAT MATHAVIOUS BUILT:
BVI to Celebrate Dr. Robert Mathavious’ Legacy
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We are delighted to host this very special Conference on Wednesday 17th and Thursday 18th November, 2021. Beginning with a black-tie Gala with our keynote Pascal Saint-Amans, Director of the Center for Tax Policy and Administration at the OECD and followed by a panoply of presenters and panelists drawn from around the globe, including many of our own imminently qualified and experienced professionals, this is an event that you do not want to miss!
What better time to celebrate Dr. Mathavious, but also to chart the way forward in international business and financial services? A global mind-set that can understand and navigate through the worldwide market dynamics, while at the same time, possessed of a local mindset to understand the social, economic, and political climate that is at the base of the operations of the financial services industry, is critical to charting the way forward for all our jurisdictions.
Click here to read more and register.
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JTC SUPPORTS BVI EDUCATIONAL CHARITIES AS PART OF GLOBAL EMPLOYEE-LED FUNDRAISING INITIATIVE
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A range of educational charities across Europe, the Americas, the Caribbean, Africa and Asia are set to benefit from a global employee-led fundraising programme launched this week by JTC that could see a total of more than £100,000 donated to the sector over the remainder of 2021.
As part of the ‘Maximising Potential’ initiative, up to £75,000 is to be donated across the JTC office network in more than 20 jurisdictions to support specific regional initiatives and projects undertaken by educational charities, selected by employees in those locations.
Click here to read more.
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BRITISH VIRGIN ISLANDS MONOPOLY
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Welcome to the BVI Finance edition of MONOPOLY. This game commemorates the recent 35th anniversary of the groundbreaking International Business Companies Act (1984) (IBCA) and marks our celebration of this significant event – a moment that launched the British Virgin Islands firmly into prominence in the world of offshore international financial centres. The BVI continues to build from these firm foundations.
The genesis of this game came from the BVI Finance Team and inspiration from a number of member firms with the precise names on the board and Chance/Treasure Chest cards being the product of several brainstorming sessions within BVI Finance and some canvassing from member firms.
The BVI is an inspiration to us all and this community spirit was best evidenced in the business response after Hurricanes Irma and Maria destroyed so much of these beautiful islands. But Irma and Maria did not break the BVI spirit and we recovered quickly stronger and better. Working together- always!
This Monopoly game is a celebration of our island paradise and our commitment to the BVI’s financial services industry.
Click here to place your order today to own the first of its kind collectible Monopoly – British Virgin Islands – presented by BVI Finance
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