BVI Finance This Week 10/12/21

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13Dec

BVI Finance This Week 10/12/21

13 Dec, 2021 | View Counts (809) |Return|

FRIDAY 10 DECEMBER 2021

BVI FINANCE AND BVI RISA FIFTH INSOLVENCY 101 WEBINAR HIGHLIGHTS RESTRUCTURING REMEDIES AVAILABLE IN THE BVI

A very thorough discussion on the restructuring options available for companies in the BVI took place on December 7, during the final installation of the ‘Insolvency 101 Practice and Procedure’ webinar series.

The webinar, ‘Restructuring Remedies in the BVI,’ was hosted by the Recovery and Insolvency Specialists Association (BVI) Limited (RISA BVI) and BVI Finance.

Moderator, Sharon Mungall - Managing Director, Little Bay Consulting first explained that restructuring occurs when a company wants to make significant changes to its financial or operational structure.

She said, “[The company] doesn’t need to be in financial distress. Sometimes companies will restructure when preparing for a sale, a buy-out, merger, a change in the overall goals, or transfer of ownership.”

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ARBITRATION: BVI CONSIDERS ISSUES OF ENFORCEMENT UPON A STATE

Grant Carroll

Daniel Mitchell

Sarah Latham

In December 2020, Tethyan Copper Company (TCC) obtained an ex-parte order against the Islamic Republic of Pakistan (Pakistan), Pakistan International Airlines Corporation (PIA) and various of its subsidiaries, recognising and enforcing a US$6 billion ICSID (Arbitration) Award (the Award) which TCC had obtained against Pakistan (the Registration Order). TCC also sought, and obtained, a Provisional Charging Order over the BVI assets of PIA, purportedly under the provisions of the BVI Charging Orders Act, 2020 (the 2020 Act), which (despite the contrary ex parte submission put forward by TCC) had not been brought into force.

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BVI FINANCIAL SERVICES WELL REPRESENTED AT MIDDLE EAST INVESTMENT SUMMIT 2021

BVI was well represented at the Middle East Investment Summit 2021, a fund focused event that attracted over 600 attendees, with a strong showing from institutional fund managers, Sovereign Wealth Funds (SWFs) and Family Offices.

This prestigious and long-established event, held at The Ritz-Carlton DIFC, Dubai on November 10 and 11, was promoted under the theme “Meet Institutional Investors, SWFs & Family Offices from across the Middle East”.

BVI Finance’s Global Head of Business Development and Marketing Mr. Simon Gray said, “BVI Finance was proud to again be an exhibitor at this year’s summit.”

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A NOTE OF THANKS ON BVIACO 5TH ANNUAL COMPLIANCE CONFERENCE

The Executive Committee of the BVI Association of Compliance Officers and Practitioners (BVIACO) expresses its sincere appreciation to the sponsors of this year’s conference. Our conference was a reality because of the generous sponsorship contributions to the event. We salute our sponsors and wish continued success on their organizations.

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THE PERFECT CHRISTMAS GIFT! BVI FINANCE INTRODUCES THE FIRST BVI MONOPOLY BOARD GAME

BVI Finance is pleased to introduce its first board game, Monopoly: British Virgin Islands, the perfect Christmas gift for all the games enthusiasts in your life.

CEO of BVI Finance, Elise Donovan said, “Monopoly is a game known and enjoyed by many. The BVI Finance version of the game is certainly a celebration of our island paradise, as it includes popular Virgin Islands properties and landmarks.”

“The BVI Finance Monopoly Board is a project that has been designed to celebrate all that makes our beautiful islands so remarkable. Delayed a little due to COVID-19, this game commemorates the 35th anniversary of the ground-breaking International Business Companies Act (1984) and celebrates our commitment to the BVI’s continued growth in financial services and tourism.”

The CEO continued, “It marks our celebration of this significant event – a moment that helped propel the BVI firmly into prominence in the world of offshore international financial centres. The BVI continues to build from these firm foundations.”

How the game was created

"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. The Chance/Treasure Chest cards are the product of several brainstorming sessions within BVI Finance and some canvassing from member firms," said BVI Finance Head of Business Development and Marketing, Simon Gray who led the initiative.

How to play

The object is to be the only player left in the game after everyone else has gone bankrupt. Players can win by buying properties - from around the BVI, and charging other players rent for landing on them. Players can also collect groups of properties to increase the rent, then build houses and hotels to boost their income. Some of these properties include Leverick Bay, Neptune’s Treasure, White Bay and Carrot Bay. Utilities are BVI Water and Sewage and BVIEC. Travel spaces include the Auguste George Airport, Terrance B. Lettsome International Airport, Road Town Ferry Terminal and St. Thomas Bay Jetty.

The price of Monopoly: British Virgin Islands is $59.99. Games can be ordered via this link with special discounts for larger orders.