Harney Westwood & Riegels

Craigmuir Chambers PO Box 71
Road Town, Tortola VG1110, British Virgin Islands

  • +1 284 494 2233
  • +1 284 494 3547

BVI Case Notes, February 2015

BVIHC (COM) 105OF2014: Hornbeam Corporation v Halliwel Assets Inc, Panikos Symeou, Marigold Trust Company Limited (18 December 2014) - Introduction: In circumstances where a defendant obtains a costs order against…more
| Business Organizations, Civil Procedure, Civil Remedies

Republic of Cyprus releases new banking decrees

The Republic of Cyprus issued new decrees regarding the relaxation of banking restrictions on 16 February 2015. One decree provides further relaxation as follows: Transfers of deposits/funds abroad up to €50.000…more
| Finance & Banking, International Law & Trade

Republic of Cyprus releases new banking decrees

The Republic of Cyprus issued new decrees regarding the relaxation of banking restrictions on 16 February 2015. One decree provides further relaxation as follows: Transfers of deposits/funds abroad up to €50.000…more
| Finance & Banking, International Law & Trade

Weavering: Appeal court judgment clears directors of wilful default

On 12 February 2015 the Cayman Islands Court of Appeal handed down its long-awaited judgment in Weavering Macro Fixed Income Fund Ltd v Peterson and Ekstrom. The case, which measured the liability of directors, sent shock-waves…more
| Business Torts, Civil Procedure, Commercial Law & Contracts, Finance & Banking, International Law & Trade

BVI Arbitration Act interim relief

Following the Black Swan decision the British Virgin Islands (BVI) Court has exercised a power to grant free-standing injunctions to safeguard assets in support of foreign proceedings…more
| Alternative Dispute Resolution (ADR), Civil Procedure, Civil Remedies, Finance & Banking, International Law & Trade

Seeking fair value: BVI Court provides guidance for appraisers valuing shares

This week the BVI Court issued important guidance to accountancy professionals, BVI companies and their shareholders as to how shares should be valued following a squeeze-out, merger or dissent from other restructuring…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Anguilla publishes draft bill for new insolvency legislation

The Anguillan government has published a bill for a new Insolvency Act for public review and consultation. Background - Reform of Anguillan insolvency law is long overdue. Personal bankruptcy is presently regulated…more
| Bankruptcy, Commercial Law & Contracts, Finance & Banking, International Law & Trade

Latest Cyprus decrees issued

The Republic of Cyprus has issued new decrees providing further relaxation to banking restrictions as follows: - Payments and/or transfers of funds abroad do not require the approval of the Central Bank (previously, amounts…more
| Finance & Banking, International Law & Trade

Operational Enhancement: The Cayman Exempted Limited Partnership

THE CAYMAN EXEMPTED LIMITED PARTNERSHIP (ELP) has, since its creation in 1991, established itself as an effective, enduring and widely used offshore funds vehicle particularly in the closed ended private equity…more
| Business Organizations, Commercial Law & Contracts, Finance & Banking, International Law & Trade

FATCA - A Consolidation of the BVI Mutual Legal Assistance (Tax Matters) Act, 2003

This guide presents a consolidation of the British Virgin Islands Mutual Legal Assistance (Tax Matters) Act, 2003. THE MUTUAL LEGAL ASSISTANCE (TAX MATTERS) ACT, 2003 - Based on the Mutual Legal Assistance (Tax…more
| Finance & Banking, International Law & Trade, Taxation

New Cyprus decrees further relax banking restrictions

The Republic of Cyprus issued new decrees on 8 December 2014. The new decrees provide further relaxation to banking restrictions, notably: Payments and/or transfers of funds abroad up to €2.000.000 (previously…more
| Finance & Banking, International Law & Trade

Cyprus and US sign FATCA IGA

On 2 December 2014, the US and Cyprus governments signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). There are two types of IGAs known as "Model 1" and "Model 2". The…more
| Finance & Banking, International Law & Trade, Taxation

FATCA in Cayman: Deadline Approaches

The deadline for compliance with both US FATCA and UK FATCA fast approaches. Cayman entities which are classified as Financial Institutions are within the scope of FATCA. A typical Cayman fund will fall within the…more
| Commercial Law & Contracts, Finance & Banking, International Law & Trade, Taxation

Guide to the Russian “Deoffshorization” Law

The Federal Law No 376-FZ dated 24 November 2014 “Concerning the Introduction of Amendments to Parts One and Two of the Tax Code of the Russian Federation (Regarding the Taxation of the Profit of Controlled Foreign Companies and…more
| Commercial Law & Contracts, Finance & Banking, International Law & Trade, Taxation

Power to Assist Foreign Insolvency Proceedings in the British Virgin Islands

The attention of foreign insolvency and bankruptcy professionals is often turned towards the British Virgin Islands (BVI). The volume of asset holding structures and the network of connected service providers and directors…more
| Bankruptcy, Civil Procedure, Commercial Law & Contracts, Finance & Banking, International Law & Trade
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Areas of Practice
  • Business Organizations
  • Commercial Law & Contracts
  • Debtor/Creditor
  • Finance & Banking
  • Insurance
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  • Maritime Law
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Other Countries
  • Anguilla
  • Cayman Islands
  • Cyprus
  • Hong Kong
  • United Kingdom
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50-100 Attorneys

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