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Enforcement › British Virgin Islands

Walkers

IKON Shina Ltd v Smyshliaeva: Where the rubber meets the road on the enforcement of foreign insolvency judgments in the BVI

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The British Virgin Island (BVI) Court will enforce via BVI Court judgments amounts due under judgments arising out of foreign insolvency processes, provided those judgments satisfy the common law tests of finality,...more

Walkers

Updates to the British Virgin Islands Anti-Money Laundering regime and changes for MLROs

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Prior regulatory approval is now required for MLRO appointments – previously it was a notification requirement that had to be submitted within 14 days of the MLRO appointment. Firms in scope will now need to factor in...more

Walkers

Enforcing debts in the Cayman Islands and BVI which are subject to an arbitration clause

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Where a debt is due under an agreement (and assuming there is no binding non-petition clause in effect), it is possible to take steps to wind up the company without first proceeding to arbitration, in accordance with the...more

Walkers

Schemes of Arrangement – any interest?

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In its recent judgment in Tristan Oil Ltd v The Scheme Creditors (BVIHCM 2023/0120) the BVI Commercial Court (the Hon. Justice Paul Webster (Ag.)) has considered the question of when a party not bound by a scheme of...more

Conyers

Tracing Wealth in the BVI in Aid of Arbitration: Unravelling the Breach of Fiduciary Duties

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The gravity of any arbitration award lies in its successful enforcement. The enforcement process may be frustrated and produce little result if the winning party does not identify at the outset the assets against which the...more

Conyers

Common Law Enforcement of a Foreign Judgment in the BVI: The Invest Bank Case

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In order for a foreign judgment to be enforced in the BVI, it must either be: (1) registered and recognised as enforceable under the Reciprocal Enforcement of Judgments Act 1922 (the “1922 Act); or (2) enforceable under the...more

Conyers

Amendments to the BVI Civil Procedure Rules Series – Part Three

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The updated Civil Procedure Rules (the “Revised CPR”) come into force on 31 July 2023, and with them a substantially increased focus on settlement and Alternative Dispute Resolution (“ADR”). In this article, Senior Associate...more

Walkers

Practical overview of offshore legal opinions in financing transactions

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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

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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

Under Pressure: Key considerations and practical tips for BVI companies approaching insolvency

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Inflationary pressures and increasing interest rates are expected to continue to have a negative impact on the global economy during 2023. In this article we consider restructuring options under BVI law available to companies...more

Conyers

The Revenue Rule in the Cayman Islands and British Virgin Islands

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It is well established, under common law principles applicable in the Cayman Islands and the British Virgin Islands that claims for payment of foreign tax liabilities, or claims for the enforcement of foreign judgments for...more

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