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- The Legal 500 United Kingdom Awards 2013
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Legal market overview
With the BVI maintaining its popularity as a jurisdiction for offshore holding structures, its legal market continues to welcome new entrants. In 2012, international offshore law firms Mourant Ozannes and Bedell Cristin launched BVI offices, while at the start of 2013 Carey Olsen, looking to strengthen its Caribbean offering to clients, arrived through an association with Hempel and Boyd. In October 2013, Hempel and Boyd rebranded, taking the Carey Olsen name in the jurisdiction.
Local firms are also expanding at international level. BVI firm O'Neal Webster - Barristers & Solicitors has launched a London office under Christopher McKenzie, who previously headed Walkers’ BVI private client team.
The Legal Profession Bill, introduced by BVI premier Orlando Smith in June 2012, is anticipated to come into effect shortly. It is welcomed by the local industry as it will regulate and protect BVI law practice; designed to maintain the reputation of the legal profession and to promote the island as a globally competitive financial services centre, it will also introduce a code of ethics for the BVI’s legal profession.
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This client briefing examines a number of issues which arise on the redemption of shares by an investor in a BVI investment fund which may lead to disputes between the investor, the fund, and other investors.
By Kerry Anderson
Click here -> onealwebster.asianinvestor.dec12 to read Kerry Anderson's co-published chapter featured in Asian Investor (December 2012) entitled 'Fast and Simple in the BVI - The British Virgin Islands have responded to regulatory changes by making fund and manager domiciling painless and efficient.
The attempt by Fairfield Sentry's liquidators to recover monies paid out to investors by way of redemption proceeds has been blocked by both the BVI High Court and now the Eastern Caribbean Court of Appeal, both Courts finding that the liquidators have no ability to do so. Read more ...
The Eastern Caribbean Court of Appeal has re-affirmed that a debt arising out of unpaid redemption proceeds does not confer standing on an investor to apply for the winding up of the company. Read more...
Fund investors and the fund industry globally should take note of the recent decision of the Eastern Caribbean Supreme Court Appellate Division’s (the “Court of Appeal”) in Madoff related litigation. Essentially, the Court of Appeal found that monies could not be recovered from former investors by the liquidators of Fairfield Sentry Limited (“Fairfield”) a BVI investment fund and investor in Bernard L Madoff Investments Securities limited (“BLMIS”), where those investors had redeemed their shares for significant value before BLMIS collapsed.
The BVI Business Companies (Amendment) Act, 2012 (the Amendment Act) and the BVI Business Company Regulations, 2012 (the Regulations) came into force on 15 October 2012. The new legislation is designed to refine and upgrade the BVI Business Companies Act, 2004 (the Act) to ensure the British Virgin Islands (BVI) maintains its position as one of the leading corporate domiciles.
The British Virgin Islands ("BVI") is the world's leading offshore corporate domicile and is known for continuously refining its laws to accord with, and improve upon international standards whilst promoting a business oriented framework.
WHERE IS THE BRITISH VIRGIN ISLANDS The British Virgin Islands (“BVI”) is a British overseas territory situated to the east of Puerto Rico between the Caribbean Sea and the North Atlantic Ocean. The country consists of the main islands of Tortola, Virgin Gorda, Anegada, and Jost Van Dyke and over fifty other smaller islands and cays clustered around the aquamarine waters of the Sir Francis Drake Channel.
The much anticipated Trade Marks Bill (“the Bill”) was recently circulated to the industry for comments. The Bill, which when enacted will be known as the Trade Marks Act, 2012, promises to introduce much needed change to the trademark industry in the British Virgin Islands and place the jurisdiction in line with other modern jurisdictions.
Studio Legale Villata, Degli Esposti, Perfetti e Associati is pleased to announce the forthcoming publication of the sixth edition of Professor Villata's monograph entitled " Pubblici Servizi. Discussioni e Problemi " (Public Services. Issues and Debates) and issued by the law publishing house Giuffrè. The volume consists of an in-depth analysis of the much-discussed subject of public services and provides a remarkable intake on the matter from an exceedingly knowledgeable scholar, in light of recent developments in legislation and jurisprudence.
Budidjaja & Associates becomes the Indonesian law firm member of TAGLaw, an international alliance of independent law firms
AstapovLawyers has been recognized TOP-3 band in corporate/M&A and tax in Ukraine according to the latest survey 2014 by KyivPost, a well-known English speaking edition. The survey findings are based on a peer review conducted by the Kyiv Post in August of 90 law firms.
The Administrative Court of Hamburg decided on 27 August 2014 that Uber, a provider for a smartphone-app for on-demand transportation services, may continue providing its services in Hamburg. With its decision, the Administrative Court ordered the suspensive effect of the objection against the prohibition order of the city of Hamburg. The decision of the Hamburg authorities were formally unlawful as the traffic authorities were not the responsible authority and the prohibition order could not be based on the Passenger Transportation Act (Personenbeförderungsgesetz).
The Companies (Guernsey) Law, 2008 (" Companies Law ") provides for companies, protected cell companies (" PCCs "), incorporated cell companies (" ICCs ") and cells of PCCs and ICCs to be placed into administration and for an administrator to be appointed to manage that entity's affairs whilst the administration order remains in force.- Ogier
A company incorporated and existing in one jurisdiction may consider it desirable to continue as a company existing elsewhere for a variety of reasons including, for example: to be in a time zone closer to investors; to conduct its affairs in a manner more familiar to its stakeholders; to benefit from a more modern and/or flexible statutory or regulatory environment and/or a more appropriate tax framework.- Ogier
Kim & Chang has been named as the "Best Law Firm for Asset Management" from AsianInvestor Korea Fund Awards 2014 , hosted by AsianInvestor affiliated with Haymarket Media Ltd, a global media company. It is the fourth consecutive year that the firm has been honored for this award.
Kim & Chang has been selected for the "Legal Innovation in Real Estate Finance" award for providing exceptional legal advice in connection with the case involving KHFC's issuance of two different types of covered bonds in the first-ever Financial Times (FT) Asia-Pacific Innovative Lawyers Awards 2014 .
Kim & Chang has been recognized as one of the world's top 150 law firms in the Who's Who Legal 100 (2014 edition, 3rd edition) , published by Who's Who Legal that is an international publication affiliated with London-based publishing group, Law Business Research. Kim & Chang has been the only law firm in Korea to be included in the list for three consecutive years.