Legal Insights

Amendments to the BVI Business Companies Act 2004 (the “BCA”) came into force on 1 January 2023 which changed the landscape for striking off, dissolving and subsequently restoring a British Virgin Islands (“BVI”) company to the Register of Companies (“Register”). This Briefing Note recaps the current position and…

Fireside chat with Edmond Fung, Senior Legal Manager (pending registration as a Senior Associate with the Hong Kong Law Society) in Loeb Smith’s Hong Kong office advising on Litigation, Commercial Disputes and Insolvency in respect of British Virgin Islands law.

There are certain notorious pitfalls to avoid in the context of British Virgin Islands (“BVI”) and Cayman Islands banking & finance and corporate transactions. In this article, we examine five such pitfalls. While there are no “one size fits all” solutions to these issues, we set out some…

Can the Shares of a Cayman Islands Company be Pledged as Security? It is not possible to “pledge” registered shares under Cayman Islands law because title to the shares cannot be transferred by physical delivery. Any grant of security over registered shares that is called a “pledge” will…

Regulation of crypto exchanges and other crypto services in the Cayman Islands The Virtual Asset (Service Providers) Act, 2020 (VASP Act) as amended, provides a legislative framework for the conduct of virtual assets busi¬ness in the Cayman Islands, and the registration and licensing of persons providing virtual asset…

In the prevailing economic conditions shareholders in offshore companies registered in the Cayman Islands (“Cayman”) or the British Virgin Islands (“BVI”), including companies which carry on business as investment funds, are increasingly being forced to consider their rights against directors who may have been responsible for mismanagement of…

In August 2022, the Cayman Islands introduced the restructuring officer regime (the “Regime”) by amending the Cayman Islands Companies Act (the “Act”). Please see our previous briefings on this subject here. By way of summary, the Regime permits the presentation of a petition by a company for the…

By way of an update on our recent publication (which can be found here) that the Financial Action Task Force (FATF) had determined that the Cayman Islands has substantively fulfilled its action plan, and following completion of a recent on-site visit by the FATF, the Cayman Islands has…