The Cayman Court recently recognised joint provisional liquidators appointed by the Hong Kong court over a Cayman company for the purposes of the company presenting parallel schemes of arrangement to its creditors. The schemes were subsequently approved and sanctioned by both courts.
The passing of the Private Funding of Legal Services Act, 2020 in the Cayman Islands paves the way for a new age of litigation funding and contingency fee arrangements in the jurisdiction.
As Covid-induced insolvency and restructuring gathers pace, in Sun Cheong Creative Development Holdings Limited the Grand Court of the Cayman Islands (the “Grand Court”) has provided a timely overview of the principles of comity and modified universalism applicable in cross border restructurings.
Livingston Properties Equities Inc. and others (Respondents) v JSC MCC Eurochem and another (Appellants) [2020] UKPC. This advisory relates to applications to set aside service out of the jurisdiction and for a stay of proceedings in the British Virgin Islands.
The BVI Financial Services Commission (the “Commission”) recently published new virtual asset guidance (the “Guidance”). The purpose of the Guidance is to clarify the applicability of the BVI’s existing regulatory regime to virtual assets and virtual asset-related activities.
The Cayman Islands Government has announced that the Virtual Asset (Service Providers) Law, 2020 (the “VASP Law”) will come into force in two phases.
Phase one, commencing on 31 October 2020, will focus on anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance, supervision and enforcement.
Phase two, which will include licensing requirements and prudential supervision, is expected to come into force in June 2021.
The CICA’s judgment will be of interest to users of arbitration, particularly those who may wish to seek the enforcement of an award made in a civil jurisdiction in a common law jurisdiction.
The Duomatic principle concerns shareholders’ informal approval of a company’s actions. Provided that the shareholders’ approval is unanimous and given with full knowledge of what they are approving, their informal assent to a course of action, whether given prospectively or retrospectively, will be as binding as a resolution passed at a general meeting.
In its long-awaited judgment in Sevilleja v Marex Financial Ltd [2020] UKSC 31, the UK Supreme Court has clarified the rule barring the recovery of reflective loss, which is likely to be of importance in most common law jurisdictions. The Court has narrowed the application of the rule to shareholders seeking to recover loss suffered in their capacity as shareholder.
Dealing with shares in a company incorporated in the British Virgin Islands (“BVI”) following the death of the sole shareholder can be a complicated, costly and time consuming processes. To alleviate the difficulties that can arise, you or your client, may wish to consider making a BVI Will.
We summarise below the process by which shares in a BVI Company can transfer following the death of the sole shareholder.