Forbes Hare Client Update

Forbes Hare Legal Update Summer 2015 There have been a number of recent developments in the offshore Caribbean. This update covers some of the more important changes and developments in the law, with some commentary. The British Virgin Islands has seen new legislation coming into force and a new judge for the Commercial Court following…

Nilon Ltd v Royal Westminster Investments SA [2015] UKPC 2

Nilon Ltd v Royal Westminster Investments SA [2015] UKPC 2 On 21st January 2015, the Privy Council gave judgment in Nilon Ltd v Royal Westminster Investments SA [2015] UKPC 2. The effect of the Board’s judgment is to restrict the British Virgin Islands (“BVI”) court’s ability to exert and exercise its jurisdiction to hear disputes over the ownership…

Features and Advantages of New Zealand as a Trusts Jurisdiction

As a result of its mid-shore, white listed status, New Zealand provides an ideal platform for international tax planning through the prudent use of trusts.  In addition, New Zealand’s mid-shore status means that trusts have access to tax treaty benefits, potentially reducing the overall tax burden of the structure. TAX POSITION New Zealand (“NZ”) offers…

When does a redemption occur?

The status of redeeming members from a fund can be very important in the event of a fund going into liquidation. Those who have redeemed their shares, but not yet received payment, will outrank continuing members when it comes to distribution of the net assets of the estate (Somers Dublin v Monarch Pointe (HCVAP 2011/040, 11…

Appointment of liquidator: a “judicial” discretion

Appointment of liquidator: a “judicial” discretion It is often said that the Court’s power to appoint a liquidator over a company is discretionary in nature.  Indeed, the BVI court’s discretion is explicitly enshrined in statute: section 167 of the Insolvency Act, 2003 (the “Act”) grants the Court broad powers at the hearing of an application…