British Virgin Islands

Size: px

Start display at page:

Download "British Virgin Islands"

Lillian Tate
10 years ago
Views:

1 OFFICE OVERVIEW Jayla Place Wickhams Cay I PO Box 3190 Road Town Tortola VG 1110 Tel Fax info@

2 BRITISH VIRGIN ISLANDS OVERVIEW The have developed into one of the world s leading international financial centres, with some 800,000 companies using the territory as a base. We are a British Overseas Territory, and our general legal principles are underpinned by, and derived from, principles of English common law and equity, supported by local legislation that is also largely drawn from English statute. The territory functions under its own Constitution and is generally responsible for its own internal affairs. We have no form of corporate taxation or inheritance, death, capital gains or capital transfer taxes. The Organisation for Economic Co-operation and Development has included the on its White List of approved jurisdictions, thereby acknowledging the territory as being fully compliant with internationally agreed standards for the effective exchange of information for tax purposes. The territory maintains a keen anti-money laundering culture. The have benefited from a stable, business-friendly and proactive government that has generally adopted a practice of regular consultations with industry and the private sector when seeking to make regulatory or legislative changes. Ongoing changes in the territory will create new opportunities for clients to establish more innovative structures involving entities. We are located in the Eastern Caribbean, about 60 miles east of Puerto Rico. The principal are Tortola, on which our office is located, Virgin Gorda, Anegada and Jost Van Dyke. Appleby has 24 lawyers admitted to practice in the. We provide both international and local clients with a full range of legal, corporate, trust, administration and management services through our network of affiliated companies. REPRESENTATIVE WORK Examples of our work include: Banking & Asset Finance Advised on a financing in excess of US$1 billion for the expansion of a large American retailer into Latin America. Acted on a facility agreement in excess of US$55 million between a software company, it s BVI subsidiary and a Silicon Valley Bank. Advised on refinancing a US$110 million syndicated loan with a Far East bank. Represented a lead arranger in connection with provision of a US$77.5 million Islamic facility and US$282.5 million conventional facility for a refinancing. Advised Fortis Bank on refinancing a US$600 million syndicated credit facility. Advised on the BVI aspect of the public offering of a coal mining, exploration and development company on the Toronto Stock Exchange valued at US$100 million.

largely drawn from English statute. The territory functions under its own Constitution and is generally responsible for its own internal affairs.

3 Shipping Represented a Latin American financial institution in the granting of a US$300 million loan for financing two drilling rigs. Assisted in the restructuring of a transaction to finance the US$777 million purchase of a semi-submersible drilling unit. Provided advice in relation to a joint venture between an investment firm and a large shipping company. Funds & Investment Services Represented a United States-based hedge fund manager on the restructuring of three BVI master-feeder funds in the face of the crisis in the credit markets. Advised a United States- based investment manager on the establishment of a professional fund constituted as a segregated portfolio company. Provided advice to an investment manager in respect of liquidity issues as a result of the financial crisis including consideration of synthetic side pockets to deal with the illiquid assets. Telecommunications & Technology Represented a leading global financial services firm that acted as global arranger for a US$1.5 billion twotranche secured loan facility to a Turkish industrial and commercial conglomerate in order to refinance its debt. Acted for a multinational telecoms and media company in its acquisition of a BVI telecoms company and financing of the purchase and infrastructure improvements and development and in subsequent refinancing of the loan. Assisted a Colombian telephone company with the re-structuring of its group and its financial obligations to an American bank through the issuance of secured convertible notes and borrowing by BVI subsidiaries. Aircraft Representing buyers and sellers in the acquisition or sale of aircraft through the use of BVI holding companies or special purpose companies. Represented the manufacturer in the complicated lease to sell structure of its various aircraft. Assisted in connection with innovative sale and leasing options in relation to various aircraft

Provided advice in relation to a joint venture between an investment firm and a large shipping company.

4 Litigation & Insolvency Acting for an institutional fund investor seeking the winding up of mutual funds on grounds of insolvency and on the just and equitable ground. Represented Tajik Aluminium, one of the world s largest aluminium smelters, in connection with fraud claims in excess of US$400 million. Represented an oil company pursing debts due pursuant to a joint venture in relation to an oil exploration project. Acted in a debt claim for US$93 million against offshore companies owned/controlled by the Republic of Congo. Property Rendered advice to global conglomerate in relation to obtaining a lease of commercial premises using a corporate structure. Acted as counsel to a property development and construction company in relation to the lease of a concrete manufacturing plant and related businesses. Advised on the financing of refurbishment project for a global hotel chain. Private Client & Trusts Establishing a BVI law-governed charitable trust to assume the assets and charitable activities of Bermuda-based Wohl Charitable Enterprises. Advised on the application to the BVI High Court for a Grant of Letters of Administration Pendente Lite in regard to the BVI estate of the late Nina Wang (nee Kung), Hong Kong billionaire and Asia s richest woman. Provided cross-jurisdictional guidance in respect of a trust governed by the laws of the BVI that had been settled by an individual whose legal affairs at the time were governed by the Spanish Civil Code. Represented an ultra high net worth client in connection with the creation of a sophisticated VISTA trust structure comprising a multi-million dollar trust fund that served to operate as a long term succession planning vehicle and advance the settlor s philanthropic interests, as well as providing the settlor with certain key advantages of the VISTA regime.

Represented an oil company pursing debts due pursuant to a joint venture in relation to an oil exploration project.

5 KEY CONTACTS Michael Burns Managing Partner - BVI Corporate & Commercial Local Group Head mburns@ Eliot Simpson Litigation & Insolvency Local Practice Group Head esimpson@ Sally Cox Property - Local Practice Group Head Banking & Asset Finance Private Client & Trusts Local Team Leader scox@ Valerie Georges-Thomas Funds & Investment Services Local Team Leader vthomas@ OUR ORGANISATION Appleby is a leading provider of offshore legal, fiduciary and administration services. With an unparalleled presence in the key offshore jurisdictions of Bermuda, the, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius and the Seychelles, the group offers advice on offshore law. We also have offices in the international financial centres of London, Hong Kong, Hong Kong and Zurich. Over 800 lawyers and professional specialists deliver sophisticated, specialised services, primarily in the areas of Corporate and Commercial, Litigation and Insolvency, Private Client and Trusts and Property. We advise global public and private companies, financial institutions, and high net worth individuals, working with them and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions. Bermuda Guernsey Jersey Seychelles Hong Kong London Zurich Cayman Islands Isle of Man Mauritius

Local Team Leader +1 284 852 5306 vthomas@ OUR ORGANISATION Appleby is a leading provider of offshore legal, fiduciary and administration services.

India. with Case Study

India. with Case Study CORPORATE & COMMERCIAL India with Case Study OFFSHORE COUNSEL TO THE INDIAN MARKET Appleby advises a number of major Indian clients, ranging from banks to hi-tech firms, with a focus on inward and outward