Impact of recent amendments to BVI service out rules on enforcement against BVI assets
The recent amendment to Part 7.3(5) of the Eastern Caribbean Supreme Court, Civil Procedure Rules 2000 (CPR), made by the Eastern Caribbean Supreme Court, Civil Procedure (Amendment) Rules 2013 on 18 December 2013 (gazetted on 4 February 2014), was another improvement to accessibility of the service-out regime under Part 7 of the CPR, following the most recent changes in 2011.
The amended rules, although narrowly focused, should be welcome for clarifying the procedural rules and effectively broadening the scope for enforcement of money judgments or arbitral awards at common law, thereby making the various forms of execution that are available in the British Virgin Islands (BVI) more readily accessible, particularly against foreign judgment debtors who own BVI assets. This article provides a brief discussion of recent changes to the relevant procedural rule, the Court of Appeal decision that led to the amended rules and the likely impact on the BVI’s reputation as a modern financial centre…
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Briefings from Conyers Dill & Pearman
This article provides a reminder of the impending deadlines and action that is required for those BVI entities that are classified as ‘foreign financial institutions’ for the purposes of FATCA.
Cayman has taken a creditor-friendly approach to implementation.