A plan of arrangement under the Business Companies Act 2004 in the BVI is increasingly being used by corporates to restructure with the aid of the courts. Harneys’ Jacqueline Daley-Aspinall (pictured first) and Keisha Durham (pictured second) explain.
The macro-economic conditions in the period since 2008 and the attendant liquidity crisis have left many companies treading in increasingly deep and treacherous financial waters.
Such companies, particularly those with operations or substantial holdings in mature markets directly affected by the reduced availability of credit, have found themselves searching for time and cost effective mechanisms to address illiquid assets, mounting debt, increasing costs and declining revenue while seeking to capitalise on opportunities, especially in emerging markets, with a view to increased productivity and higher profits.
The British Virgin Islands (BVI), having been home to almost one million registered companies (thereby accounting for at least 41% of the offshore companies in the world), is unsurprisingly the domicile of choice for many multinational corporations when considering where to incorporate a subsidiary or a holding company.
Please see full article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.