BVI Business Companies

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Red Notice Newsletter - August 2015

Welcome to the August 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange...more

Brazil, bribes and backward tracing – only in Jersey

The Municipality of Sao Paulo and the Republic of Brazil successfully defeated an appeal from two BVI registered companies to the Privy Council which considered what the circumstances are, if any, where backward tracing would...more

Potential Changes to Creditors’ Rights in the BVI – Administration Orders

The British Virgin Islands (BVI) is once again considering proposals to bring into force provisions which permit the making of administration orders in relation to BVI companies. Any person with a credit exposure to a BVI...more

"Restructuring Offshore PRC Debt"

As the growth of the Chinese economy (and the real estate sector in particular) slows, we are seeing stress in an increasing number of issuers of offshore noninvestment-grade People’s Republic of China (PRC) bonds. It seems...more

Shareholder Disputes: When is Just and Equitable Liquidation Appropriate?

Unfair prejudice claims are commonplace in the British Virgin Islands (BVI) following the introduction of bespoke provisions in the BVI Business Companies Act 2004 and have all but replaced old fashioned just and equitable...more

Arbitrability of Intra-Company Disputes – an Offshore Perspective

Arbitrability is a question of considerable importance – it is the question of whether a particular issue in dispute is capable of being resolved by arbitration as opposed to litigation – and is therefore a question of...more

BVI FATCA Compliance Deadlines Extended

This week the British Virgin Islands (BVI) announced the extension of its FATCA registration and reporting deadlines, as follows...more

Banker Settles with SEC for Role in Olympus Scandal

The Securities and Exchange Commission agreed to a settlement with Hajime Sagawa related to his alleged role as the principal and minority owner of a broker-dealer that assisted Japan based Olympus Corporation in its...more

Privy Council clarifies power to rectify share registers of BVI companies

On 21 January 2015 the Privy Council handed down its decision in Nilon Limited v Royal Westminster Investments SA [2015] UKPC 2 clarifying the power of the courts to rectify the share register of a BVI company under section...more

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

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

Second Circuit Denies Petition for En Banc Review of Fairfield Decision

On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the...more

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

Rehearing Petition Dramatizes Second Circuit's Comity Rejection

Recognition of a foreign main proceeding under Chapter 15 of the Bankruptcy Code has “effects” under Section 1520 that are automatic and powerful, including application of the automatic stay of Section 362 and the...more

Monkey Selfie Redux

When we last examined the intellectual property issues raised by a self-portrait taken by a talented female Indonesian crested black macaque—popularly known as the “Monkey Selfie”—we concluded that there was unlikely to be...more

BVI's FATCA implementation continues

The implementation of the FATCA Intergovernmental agreements (IGAs) signed by the BVI with the US and the UK has taken another step forward by way of amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT)...more

I am a Director of a BVI Company. Now What?

Given the share volume of British Virgin Islands Business Companies (BCs) in existence, there is at any given time in some part of the world a transaction involving a BC. Pursuant to the British Virgin Islands Business...more

Record Keeping Obligations for BVI Companies, Partnerships, Trusts and Other Organisations

The record keeping obligations applicable to BVI companies and partnerships were amended in November 2012 and again in September 2014. The changes have been introduced following OECD Peer Reviews of the Territory. The Reviews...more

Second Circuit Fails to See the Comity in Chapter 15

In Krys v. Farnum Place, the Second Circuit ruled that, in a Chapter 15 ancillary proceeding, a SIPA claim is within the territorial jurisdiction of the United States and its sale by the Foreign Representative must be...more

Japan – BVI TIEA comes into force on 11 October

Further to our previous bulletin, following the Notification Ceremony on 11 September the Tax Information Exchange Agreement (TIEA) between the Government of Japan and the Government of the British Virgin Islands will come...more

BVI court issues pivotal guidance on exclusive jurisdiction clause

In what is likely to be considered a landmark decision, the BVI Commercial Court has held that winding up proceedings brought on just and equitable grounds relating to BVI companies will not be caught by an exclusive...more

BVI’s Arbitration Act 2013 is now in force

The British Virgin Islands’ (BVI) Arbitration Act 2013 came into force on 1 October 2014. It is a landmark piece of legislation which is expected to propel alternative dispute resolution in the BVI into high gear. The BVI is...more

The Mergers & Acquisitions Review: Eighth Edition: Chapter 11: British Virgin Islands

I OVERVIEW OF M&A ACTIVITY - British Virgin Islands (BVI) companies are employed in geographically diverse corporate structures, with the effect that gradually improving global economic conditions have started to...more

Buyer Beware: How to Ensure the Valid Issuance of BVI Company Shares

Subscribers for shares in a British Virgin Islands (BVI) company usually assume that such shares have been validly issued and they are quick to point to their share certificate or even the share register of the BVI company as...more

Using British Virgin Islands Companies for International Listings

The British Virgin Islands’ (BVI) corporate statute is ideally suited for international listings. BVI companies have been used widely for listings on international stock exchanges in New York, London, Singapore and Oslo. They...more

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