Every BVI company is required to file with its registered agent an annual financial return within 9 months of either the company’s calendar year or, if the company’s financial year is not a calendar year, the company’s financial year.
The Cayman Islands courts have recently delivered four judgments concerning the law and practice of international arbitration, which is a growing feature of the offshore legal landscape.
On 23 May 2024, The Honourable Justice Parker, in Ascentra Holdings, Inc. (in Official Liquidation) v Ryunosuke Yoshida & Ors) (FSD 300 of 2023), granted an on-notice interim proprietary injunction in favour of the plaintiff company, Ascentra Holdings Inc. (in Official Liquidation), acting by its Joint Official Liquidators, in respect of funds held in various bank accounts in Singapore, Taiwan and the United States.
Campbells advised Mobvoi Inc., the first AI-generated content (AIGC) company listed on the Hong Kong Stock Exchange, in its HK$321.36 million initial public offering on the Main Board of the Hong Kong Stock Exchange.
The purposes of the Amendment Act is to make innovative commercial enhancements to the Companies Act; however, it has been gazetted, but is not yet in force.
Effective early February, the Cayman Islands will be removed from the Financial Action Task Force’s Grey List of jurisdictions.
Our Hong Kong office has acted as the Cayman Islands legal counsel of ChinaAMC Selected Bond Fund in connection with the listing of four (4) share classes on the Cayman Islands Stock Exchange.
In a long-awaited and wide-ranging judgment delivered on 15 November 2023, the Judicial Committee of the Privy Council has dismissed the appeal by Primeo Fund against the 2019 dismissal of its appeal to the Cayman Islands Court of Appeal of the dismissal of its claims against two HSBC Group companies by the Grand Court of the Cayman Islands in 2017.
On 27 October 2023, the Financial Action Task Force announced at its plenary in Paris that the Cayman Islands would be removed from its anti-money laundering “grey list” as the FATF has determined that the Cayman Islands AML regime now meets the international standard.
A landmark decision of the Singapore Court of Appeal in Ascentra Holdings, Inc. and Others v SPGK Pte Ltd has overturned the first instance decision of the Singapore High Court and confirmed that solvent official liquidations can be recognised as foreign main proceedings under Singapore’s adaptation of the UNCITRAL Model Law on Cross-Border Insolvency. In so deciding, the Singapore Court has declined to follow a decision of the English High Court which had held that a company’s insolvency was a prerequisite for recognition under the UNCITRAL Model Law on Cross-Border Insolvency.