Getting the Deal Through — Acquisition Finance: British Virgin Islands
New York law and English law are common, although the choice of law usually depends on where the parties concerned are based and the market from which the debt is being provided. It would be rare for British Virgin Islands (BVI) law to be the governing law of the transaction documents, other than in respect of security over shares in a BVI company or other BVI assets, when BVI law security would usually be taken.
The courts will recognise a choice of foreign law, save for certain limited exceptions including for public policy reasons and where the relevant foreign law is of a revenue or penal nature. A final and conclusive foreign judgment is either directly enforceable pursuant to reciprocal enforcement of judgment legislation (applicable to certain Commonwealth countries, most notably including the jurisdictions making up the UK) or, where such legislation does not apply, a new claim can be brought in the BVI based on a final judgment obtained in a foreign court for a fixed sum of money. Summary judgment can then be sought without a need for re-examination of the merits of the case…
If you are registered and logged in to the site, click on the link below to read the rest of the Conyers Dill & Pearman briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Conyers Dill & Pearman
News from The Lawyer
Briefings from Conyers Dill & Pearman
Island takes steps to satisfy third-country requirements
Foreign entities must first define the nature of their business activities on the island.