BVI Legal Profession Act is finally enacted – Karen Gilbert I can vividly remember being urgently flown out to the BVI just days after accepting a new role as a BVI lawyer. It was a two day trip, the aim of which was to get me admitted as a BVI lawyer before the imminent (or…
Companies caught up in wrongdoing by reasons of the acts of their directors or agents may suffer losses themselves in the form of liabilities incurred to creditors. If such companies subsequently go into liquidation, their liquidators will seek to recover as much as possible for the creditors. The liquidators may try to do so by…
FATCA UPDATE Readers will be aware that on 30 June 2014 the Government of the BVI signed a Model 1(b) intergovernmental agreement (“IGA”) with the United States to implement the US Foreign Account Tax Compliance Act (“FATCA”). As result, the BVI committed itself to improving international tax compliance and reducing the possibility of US tax…
Through the recently published Securities and Investment Business (Incubator and Approved Funds) Regulations 2015 (the “Regulations”), the British Virgin Islands Financial Services Commission (“FSC”) has introduced two new regulated open ended fund products being the Incubator Fund and the Approved Fund. The Regulations came into force on 1 June 2015 and are designed to complement…
Offshore law firm Forbes Hare, which provides BVI and Cayman Islands legal and fiduciary services, is set to open a new office in Singapore from today. The Asian Wealth Times recently caught up with Sam Robertson, who will co-head the office, to ask him how the business was developing and how he was settling into…
BVI recognition and assistance for foreign insolvency office holders By Alistair Abbott, Partner On 10 November 2014 the Privy Council handed down judgment in Singularis Holdings Limited v PricewaterhouseCoopers[1], which was heard alongside PricewaterhouseCoopers v Saad Investments Company Limited[2]. Both appeals were from decisions of the Court of Appeal of Bermuda. The Singularis decision may…