Category Archives: Client Advisories

Sequana: Directors’ Duties and Creditors

05 Oct 2022

The Supreme Court in England in BTI v Sequana [2022] UKSC 25 has clarified when directors owe duties to the company that should take into account creditors’ interests. The decision will be highly persuasive in the Cayman Islands on directors’ duties.

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Cayman Islands issues general sanctions licence for funds industry

The issue which the General Licence addresses is where a Designated Person owns more than 50% of an investment fund which has hitherto meant that the fund is paralysed and all of its assets are frozen. This provides relief from aspects of the financial sanctions imposed in the Cayman Islands by the Russia (Sanctions) (Overseas Territories) Order 2020 (the “Order”).

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BVI Virtual Asset Service Providers (VASPs) – New AML Requirements and Legal Framework

16 Sep 2022

With effect from 1 December 2022, all BVI entities that fall within the definition of a virtual asset service provider (a “VASP”), as set out in the recently amended BVI Anti-Money Laundering Regulations (the “AML Regulations”) and Anti-Money Laundering and Terrorist Financing Codes of Practice (the “Code”), will be required to comply in full with BVI anti-money laundering, counter-terrorist financing and anti-proliferation finance legislation (together the “BVI AML Laws”).

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Campbells’ Guide to the 2022 BVI Business Companies Act Amendments

31 Aug 2022

The British Virgin Islands (“BVI”) continues to demonstrate its commitment to ensuring that its financial services industry is aligned with international best practices, as set by bodies such as the Global Forum on Transparency and Exchange of Information for Tax Purposes and the Financial Action Task Force. To this end, the BVI Business Companies Act and the BVI Business Companies Regulations were recently amended by the BVI Business Companies (Amendment) Act, 2022 (the “Amending Act”) and the BVI Business Companies (Amendment) Regulations, 2022 (the “Amending Regulations”).

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Is that clear? The test for appointing receivers over a segregated portfolio

22 Aug 2022

This advisory discusses the judgment in the matter of Green Asia Restructure Fund SPC which provides further clarity regarding the relatively untested jurisdiction for creditors to appoint receivers to wind up a SP, and builds upon the judicial guidance provided last year in Re Obelisk Global Fund SPC, uncertainty still lingers.

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