BVI Finance This Week 05 /11/21

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06Nov

BVI Finance This Week 05 /11/21

06 Nov, 2021 | View Counts (501) |Return|

FRIDAY 05 NOVEMBER 2021

PREMIER POSITIONING - BVI FINANCE ATTENDS ROLLS-ROYCE AND BENTLEY EVENT IN LONDON

BVI Finance continues to tell the story of the jurisdiction as the premier offshore financial centre, as a sponsor of ‘Strive for Perfection: The Royal Edition’ – an official publication for the International Club for Rolls-Royce and Bentley Enthusiasts (or RREC), and to commemorate the long life of His Royal Highness Prince Phillip, Duke of Edinburgh.

The book launch, with over 1,200 guests, took place on Friday 8th October in the Great Room at Grosvenor House, where the London Press Club Ball took place later that day.

Strive for Perfection is published by St. James House, whose Chief Executive Richard Freed notes: “The publication is authored by a select team of experts and award-winning writers who turn a spotlight on individuals and organisations from around the world who share Rolls-Royce and Bentley’s ethos in aspiring to be the very best in the world in their endeavour.”

Click here to read more.

INTERNATIONAL ARBITRATION: A LESSON IN CASE MANAGEMENT

Andrew Thorp

Peter Ferrer

Olga Osadchaya

In our eighth episode of this season’s Take 10 podcast, Partner Andrew Thorp is joined by Partner Peter Ferrer, Co-head of our global Litigation, Insolvency and Restructuring team and Counsel Olga Osadchaya, a member of our Litigation and Insolvency practice in the BVI.

Key takeaways

There is a real difference between the English and BVI approaches to court intervention in arbitrations, least of all because the BVI Arbitration Act adopts the UNCITRAL Model Law almost in its entirety. By way of example, under the English Arbitration Act, ss. 67-69 allow for an approach to the English courts in certain circumstances, whereas in the BVI you have to opt into equivalent provisions under Schedule 2 of the act.

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BVI CHAPTER: AMERICAN BAR ASSOCIATION'S GLOBAL FINANCIAL COLLATERAL

British Virgin Islands law does not lay out a specific regime for taking security interests over securities, securities accounts, or deposit accounts. In most financing transactions involving debt securities that are governed by British Virgin Islands law or equity securities issued by a British Virgin Islands business company, the parties will use a British Virgin Islands law security agreement.

That is not mandatory, and British Virgin Islands courts, in general terms, uphold the applicability of freely chosen foreign laws. That said, if the entity creating the security interest is incorporated or established in the British Virgin Islands and if the collateral consists of either securities or cash that are held in an account in the British Virgin Islands, there are advantages to ensuring that the documentation for that security interest is governed by British Virgin Islands law.

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IDEAS, INNOVATIONS AND INVESTMENTS

Businesses and entrepreneurs have been operating in a challenging environment since the start of the pandemic in 2020. We have seen accelerated demand for technology and innovation, including increased use of blockchain, machine learning and AI, and there has been a global rush towards tangible ESG achievements.

Huge opportunities for start-ups and entrepreneurs, who are capitalising on this unique environment and driving economic growth. There has been an explosive rise in the virtual assets sector, which is creating a shift in the global financial landscape.

Topics

During the conference, we will be discussing a range of topics including:

How best to launch a BVI company, joint venture structure or fund vehicle
What is trending right now in the digital assets industry, including the explosion of DAOs and NFTs
Global action on ESG
The Technology Boom in Asia
Legal tech and innovation

Virtual conference on Monday 8 November 2021 at 8.45am EST where they will be exploring challenges and opportunities for start-ups and entrepreneurs of companies and funds.

Click here to register.

To register for the upcoming events please see below:

HARNEYS WELCOMES NEW SENIOR LITIGATION AND INSOLVENCY TALENT IN THE BVI

Olga Osadchaya

Harneys has welcomed Counsel Olga Osadchaya to its Litigation and Insolvency team in the British Virgin Islands.

Olga has broad commercial litigation and arbitration experience with particular emphasis on complex, high-value, multi-jurisdictional commercial and insolvency disputes. Prior to joining Harneys, she worked at other leading offshore law firms in the BVI as well as at Eversheds Sutherland in London, Paris, and Geneva. She is fluent in Russian and French.

Click here to read more.