BVI Limited Partnership Act, 2017 Is Now In Force

Walkers is pleased to confirm that the new BVI Limited Partnership Act, 2017 (the "LPA") is now in force and theRegistry of Corporate Affairs is accepting the registration of limited partnerships under the LPA.

Providing a modern and up-to-date framework for BVI limited partnerships, the LPA has taken inspiration from legislation in a number of leading jurisdictions for private equity funds, including Delaware and the Cayman Islands, as well as drawing on the BVI's own highly successful BVI Business Companies Act.

The LPA is aimed firmly at private equity funds, and is specifically designed to provide a platform for subscription finance transactions.

The LPA will also provide an alternative to the BVI business company for other corporate transactions, for example in joint ventures and as a holding entity for other structures where the flexibility of the structure and the confidentiality of the terms of the commercial relationship may be attractive.