Lending And Taking Security In The British Virgin Islands: Overview

OVERVIEW OF THE LENDING MARKET

1. What have been the main trends and important developments in the lending market in your jurisdiction in the last 12 months?

The British Virgin Islands (BVI) is one of the world's leading international financial centres. The BVI continues to be a jurisdiction of choice for companies entering into secured and unsecured finance transactions. In the last 12 months, revised, modernised and consolidated editions of the jurisdiction's financial services legislation have been enacted. Other significant recent developments include amendments to the key corporate legislation, the BVI Business Companies Act 2004 (2013 Revision) (Companies Act), which have enhanced the public filing system for the registration of security interests. The creation of security over shares in BVI companies remains popular. Following the amendments to the Companies Act, a chargee can now enforce a BVI law governed share charge immediately on default (the