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Legal market overview
The British Virgin Islands (BVI) recently experienced strong activity levels from well-established investment fund managers and the jurisdiction also saw a growing provision of financing to private equity funds, which resulted in a larger number of private equity fund launches. Meanwhile, in M&A, there was increased use in the BVI of court-approved schemes of arrangement, frequently for tax or regulatory reasons.
Significant legal market developments included Ogier's management buy-out of Ogier Fiduciary Services, further to which former dispute resolution head Michael Fay QC left to establish his own firm. Meanwhile, Ogier expanded its contentious practice in Asia, relocating BVI and Asia litigation head Ray Ng to Hong Kong from the BVI in July 2014.
In April 2014, Harney Westwood & Riegels expanded its global footprint with the opening of its seventh office, in Singapore, relocating banking and finance practice group head Colin Riegels from Hong Kong as the managing partner of the new office. Also of note, Cayman Islands-based law firm Campbells established an independent office in June 2013 in the BVI.
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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.
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 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.
Those who do business in the PRC have long recognised the benefits of doing so through a corporate structure which enables onshore operations but offshore ownership.- Ogier
In today’s financial environment, investor capital for a start-up fund can be hard to come by. Kerry Anderson, Partner of a leading offshore law firm in the British Virgin Islands explains both the initial and long term benefits to setting up your fund in the BVI
The current economic climate has forced many companies to consider their future and, for those able to survive, there has been significant impetus in cost saving and rationalising structures where possible. However, it is not only in the downturn that companies look to restructure. This process can also have a positive spin, especially where a company is seeking to structure acquisitions or expand into new areas of operation.- Ogier
Offshore companies have long been a popular option for businesses. However, the recent global financial crisis has led to several legislative attempts recently by governments globally, aiming to limit the benefits that are available to companies looking to take advantage of attractive features, such as favourable tax conditions, that such companies offer.
Piracy and copyright infringements are on the increase. As such, it is all the more important to take appropriate measures to protect one’s trademarks and intellectual property.
On October 12, 2016, VEGAS LEX organized a workshop, Advertising in the pharmaceutical sector: risk matrix , for representatives of pharmaceutical companies, manufacturers of medical devices and dietary supplements.
No distinction is made between “Mac” and “Mc” for the purposes of trademark law. The General Court of the European Union (EGC) ruled that whether the syllable includes an “a” is of no great significance (Az.: T-518/13).
Anyone who includes false statements in their application documents risks having their employment contract terminated with immediate effect.
The renewable energy company OX2 has been retained to construct the Lehtirova wind farm generating 148 MW (41 wind power turbines) in Norrbotten. The customer is Aquila Capital. Foyen Advokatfirma assisted OX2 in the negotiations regarding the turbine supply agreement and the service agreement with the turbine supplier, Vestas. The partner in charge at Foyen was Jacob Hamilton.
Members of the truck cartel will have to pay a fine totaling approx. 2.9 billion euros, and things could become even more expensive if damages claims brought by clients follow.
The IFLR1000 2017 Financial and Corporate rankings were published on October 14, 2016. VEGAS LEX improved its positions in Project finance and Mergers and acquisitions. Chairman of the Board of Partners Albert Eganyan was noted as a leading lawyer in the Project finance category.
The inheritance tax reforms have still yet to be finalized. With the Bundesrat, the upper house of the German parliament, having blocked the draft legislation on July 8, no further decision is expected to be taken before the autumn.
In an action brought by CL Educate Limited, the company behind Career Launcher (popularly known as CL), India’s premier test prep institutions, the Delhi High Court has restrained competitor Think and Learn Pvt. Ltd. (popularly known as Byju’s) and its directors from infringing and misusing CL’s trademarks to lure prospective students into enrolling.
Early signs of the new shape of IP litigation under the Commercial Courts Act are being seen in the speed with which the Delhi High Court disposed of a suit filed by Tata Sons Ltd. on the second date of hearing, applying the ‘summary judgment’ provisions contained in this Act.