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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.
Partners Group, a global private markets investment manager, and Capvis, a leading Swiss mid-size market PE fund, have agreed to jointly acquire VAT Holding, the global market leader in high-end vacuum valves. The transaction is subject to merger control approval.
On Wednesday, 20 November 2013, the Swiss Federal Council has announced the enactment of the Ordinance against excessive Compensation as per 1 January 2013.
Studio Legale Villata, Degli Esposti, Perfetti e Associati is pleased to announce the publication of the collection of legal articles " Scritti in onore di Paolo Stella Richter " (Papers in honour of Paolo Stella Richter) to which Professor Riccardo Villata contributed with an article on " Concessioni di pubblico servizio e appalti di servizi tra diritto interno e disciplina europea " (Concessions and Tenders of Public Services in Consideration of National and European Regulations).
The partners of FKA Furtek Komosa Aleksandrowicz are pleased to announce that on 1 December 2013 Jarosław Grzywiński, attorney-at-law, joined the firm as a partner.
Lidings Partner and Head of Banking and Finance practice Dmitry Gravin acts as an expert at the largest and the most significant event of the year brining together leading representatives of banking and finance industry in Russia - Russian Banking Forum that traditionally takes place at the UK capital city hosted by Adam Smith Institute.
Please follow the link below for GRATA November Newsletter.
On December 2, 2013, the Executive Board of ThyssenKrupp AG with the approval of the Executive Committee of the Supervisory Board resolved to increase the capital stock of ThyssenKrupp AG by a nominal € 131,709,191.68, corresponding to 10 per cent of the current capital stock, by issuing 51,448,903 new no par shares in the company and to exclude subscription rights.
E.ON SE (E.ON) is selling Ferngas Nordbayern GmbH (FGN), a wholly owned subsidiary of E.ON, to First State European Diversified Infrastructure Fund FCP-SIF (EDIF), the European infrastructure fund of First State Investments. The transaction is still subject to approval from the German Federal Cartel Office. Read More...
Grau & Angulo celebrated its 10 th Anniversary in November, organizing a legal debate at the emblematic Casa Batlló in Barcelona. The partners wish to thank all their clients who have supported them in this exciting ten year journey.
Prestigious international publication The Lawyer has shortlisted Pepeliaev Group in the Best Russian Law Firm category for The Lawyer European Awards 2014 (http://www.thelawyereuropeanevent.com/).