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Jurisdiction British Virgin Islands

Conyers

Ten Things You Need To Know About… BVI Economic Substance

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The British Virgin Islands (the BVI), along with most other major offshore jurisdictions, has introduced “economic substance” requirements for entities carrying on certain specified activities. This economic substance regime...more

Walkers

Stay a while: the interplay between winding-up proceedings and the mandatory stay provisions under the BVI Arbitration Act

Walkers on

The recent decision of the BVI Commercial Court (the "Court") (the Hon. Justice Ingrid Mangatal (Ag.)) in Kenworth Industrial Limited v Xin Gang Power Investments Limited BVIHCOM 2023/0006 has provided clarity on the...more

Conyers

How to Fail at Service Out: Misleaders Beware Jurisdiction Challenge – BVI Court Sets Aside Ex Parte Service Out Order in US$230...

Conyers on

In a recent judgment, which was heavily critical of the claimant bank, the BVI Commercial Court has set aside an order obtained ex parte permitting service on non-BVI resident defendants of a fraud claim out of the...more

Conyers

Navigating Defences and the Burden of Proof on the New York Convention Chessboard: The BVI Court’s Approach

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In its recent decision in BVIHC(COM) 2022/0169 Qu Haiping v Window of Trade International Limited and Ors, the BVI Court considered the question of the burden of proof and defences that a defendant can invoke when resisting...more

Conyers

Unveiling Tax Realities: Debunking Myths about the British Virgin Islands

Conyers on

In this review of taxation and the British Virgin Islands, Conyers Corporate Counsel Nicholas Kuria discusses some of the most commonly misunderstood notions relating to the use of offshore jurisdictions, with a focus on the...more

Conyers

B2B, B2C, BVI – Crypto Disputes in the Caribbean

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In the crypto world, does it really matter where you are? Is there a sunny offshore paradise perspective on the click of a button and a fintech trade? The answer lies as usual in how to unravel a problem should it arise. Both...more

Conyers

Locality of a Debt

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For businesses that are family-owned and run in jurisdictions such as Hong Kong, Mainland China and Taiwan, it is common for beneficial ownership and control of the business enterprise to be vested in the shareholders of a...more

Walkers

Practical overview of offshore legal opinions in financing transactions

Walkers on

It is standard practice for lenders in financing transactions to request legal opinions from counsel in each jurisdiction in which a transaction entity is established or under which law transaction documents are governed. Set...more

Walkers

Enforcement of arbitral awards: Bermuda, BVI, Cayman Islands, Guernsey, Irish and Jersey law

Walkers on

As the use of arbitration as a means of dispute resolution has grown in popularity, there has been a marked increase in the need for arbitral awards to be recognised and enforced in offshore jurisdictions. The...more

Conyers

The English Arbitration Act Consultation Paper: A BVI Lens

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On 22 September 2022, the Law Commission published a consultation paper (the “Consultation Paper”) on the English Arbitration Act 1996 (the “English Arbitration Act”) which included a number of significant provisional...more

Conyers

The Law on Illegality in the British Virgin Islands: The BVI’s take on Patel v Mirza 2016 UKSC 42

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“…the law on illegality is not entirely clear in this jurisdiction.” This was the position expressed by BVI Commercial Court Judge, Justice Adrian Jack in his judgments of 17 June 2021 and 15 February 2022 in Briefline...more

Conyers

AIC Ltd v Federal Airports Authority of Nigeria [2022] UKSC 16: Reconsidering an Order before it is Sealed

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In recent years there have been a number of cases in the BVI in which the Court has been asked to reopen judgments or orders prior to their sealing. In those cases, the BVI Court has consistently found - adopting the...more

Walkers

Why MENA-based startups are choosing to incorporate in the Cayman Islands and the British Virgin Islands

Walkers on

According to a report by data platform Magnitt, the total funding secured by startups in the Middle East and North Africa (MENA) amounted to approximately US$864 million in the first quarter of 2022. Startups in the UAE...more

Conyers

Privy Council Issues Landmark Decision on Freezing Injunction Jurisdiction

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In Convoy Collateral Ltd v Broad Idea International Ltd and Cho Kwai Chee [2021] UKPC 24, the majority judgment of Lord Leggatt in the Privy Council upheld the decision in Black Swan, overruling the Eastern Caribbean Court of...more

Conyers

Private Client & Trust Bulletin – Fall 2021

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Welcome to the sixth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia. This edition features articles on offshore...more

McDermott Will & Emery

Mezhprom v Lenux (2021) : When Should Offshore Trustees Participate in Foreign Proceedings?

McDermott Will & Emery on

A recent decision in a British Virgin Islands court case has raised a number of questions regarding the enforcement of foreign judgments in offshore jurisdictions that have implemented firewall legislation, and highlights...more

Conyers

Costs secured for opposing creditors: TLG Atma Ltd (Applicant) v Atlas Mara Limited (Respondent) BVIHC (COM) 0027 of 2021

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In its judgment dated 28 July 2021, the BVI Commercial Court, determined both that as matter of jurisdiction, and in the exercise of his discretion he should permit creditors who successfully opposed the making of a...more

Conyers

Offshore SPACs

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The resurgence of special purpose acquisition companies (SPACs) as an alternative to traditional IPOs was one of the major talking points of 2020. SPACs enjoyed somewhat of a renaissance in 2020, particularly in the United...more

Conyers

BVI Court Orders Committal of Judgment Debtor Resident in Hong Kong: An Affirmation of the Commercial Court’s Pro-Enforcement...

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In Sang Cheol Woo v Charles C Spackman, the BVI Commercial Court handed down its first written judgment on the issue of whether the Court has jurisdiction to grant a committal order against a judgment debtor resident and...more

Orrick, Herrington & Sutcliffe LLP

New Offshore Economic Substance Rules Could Spell Significant Concern for PE Funds and Bermuda/Cayman/BVI-Based Structures

Traditionally, in the world of international tax planning, it has not been uncommon to see corporate structures utilizing entities organized in offshore jurisdictions that do not impose an income tax on corporate earnings –...more

Jones Day

Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

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In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more

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