Two amendments to the rules of civil procedure in the BVI have recently become effective. The Eastern Caribbean Supreme Court Civil Procedure (Amendment) Rules 2013 came into effect on 1 February 2013. The rules make two changes to the existing Civil Procedure Rules (CPR): Rule 7.3(5) of the CPR is amended to provide that a…
By Peter Goddard, executive director of Forbes Hare Trust Company. peter.goddard@forbeshare.com +1 345 815 0707 New Trust legislation in the BVI has broadened the range of trust options available to private clients and enhanced BVI trust legislation by making some welcome modifications that increase the attractiveness of BVI trusts as part of international wealth planning…
By Karen Gilbert, senior associate and Alfida Cruz, associate. The British Virgin Islands (the “BVI”) has recently reformed its trade mark legislation with the enactment of the Trade Marks Act, 2013 (the “New Act”). T New Act has been passed but has not yet come into force. The New Act will repeal the Trade Marks…
By Karen Gilbert, senior associate and Christina Kish, associate. karen.gilbert@forbeshare.com or christina.kish@forbeshare.com In the recent ‘Open for Growth’ meeting held on 15 June 2013 with the UK Prime Minister, just prior to the G8 Summit on 17-18 June 2013, a number of offshore jurisdictions, including the Cayman Islands and the BVI, agreed to a continued commitment…
By Christopher Young, partner christopher.young@forbeshare.com Cross border insolvency law in the Cayman Islands, and more particularly the extent of the assistance that may be available to foreign insolvency office holders, has recently come under the spotlight in the decision of the Grand Court of the Cayman Islands in Irving H Picard and Bernard L Madoff…
alistair.abbott@forbeshare.com +44 207 0143 228 Two recent decisions of the BVI Commercial Court illustrate some important points in relation to the court’s power to stay proceedings in favour of arbitration. In Artemis Trustees Ltd and others v KBC Partners LP and others (12 March 2013) the claimants sought the winding up and dissolution of…
catherine.ross@forbeshare.com +44 207 0143 224 The Alternative Investment Fund Managers Directive (AIFMD) comes into force on 22 July 2013 and is the outcome of a G20 consensus for closer regulatory oversight of the alternative investment funds sector, including hedge funds, private equity funds and real estate funds. Once in force, the AIFMD will primarily affect…
This brief update provides an introduction to the new registration requirements in the British Virgin Islands (BVI) for non-profit organisations. 1. Introduction On 1 January 2013 the Non-Profit Organisation Act, 2012 (the “Act”) came into force which introduced the need for NPOs operating in the BVI to be registered under the Act. The Act is part of the…
The following are some key changes introduced pursuant to the BVI Business Companies (Amendment) Act, 2012 and the BVI Business Companies Regulations, 2012: Solvent Voluntary Liquidations Liquidator Any person who has during the two years prior to commencement of the liquidation been a director or employed in the management of the company or any close…
Pursuant to the BVI Business Companies Act, 2004 (the “BC Act”), BVI companies have always been required to keep records that are sufficient to show and explain their transactions and which would, at any time, enable their financial position to be determined with reasonable accuracy. This obligation now also applies to limited partnerships. In addition,…