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…
Click on the link below to read the rest of the Conyers briefing.
News from Conyers Dill & Pearman
Briefings from Conyers Dill & Pearman
De-registration of Cayman Islands exempted limited partnerships being continued in a foreign jurisdiction
This memorandum has been prepared for those who are considering the process of de-registering a Cayman Islands exempted limited partnership to a foreign jurisdiction.
The Trusts (Special Provisions) Amendment Act 2014 provides certainty regarding how far settlors can go without calling the validity of the trust structure into question.