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Articles by Matthew Freeman
Robbing Peter To Pay Paul: BVI Appeal Court Guidance On Insolvent Company Payments
In the recent British Virgin Islands ("BVI") appeal of Byers v Chen1, the Court of Appeal (the "Court of Appeal") reaffirmed the principle that when a company is insolvent, or bordering on insolvency, a director owes fiduciary duties to the company and the company's creditors. A director authorising a transaction that breaches this duty is likely not to escape personal liability, even if there is no personal gain to the director and such transaction is balance sheet neutral.
Chambers Global Practice Guide To Insolvency 2024: British Virgin Islands
Throughout 2024, the British Virgin Islands (BVI) has remained one of the most significant international jurisdictions for company incorporations. According to the latest BVI Financial Services Commission (FSC) statistical bulletin dated June 2024, in the BVI there were 358,592 active business companies with a further 2,468 active limited partnerships.
Massachusetts' Earned Sick Time Law Now Covers Pregnancy Loss: What Employers Need To Know
As of Nov. 21, 2024, Massachusetts employees may use earned sick time to address physical and mental health needs following a pregnancy loss or failed assisted reproduction, adoption, or surrogacy under an amendment to the Massachusetts Earned Sick Time Law. Originally passed by ballot measure in November 2014 and effective as of July 1, 2015, the Massachusetts Earned Sick Time Law requires employers to allow workers to accrue and use up to 40 hours of sick leave each calendar year.
Insolvency 2023 - Arbitration & Dispute Resolution - British Virgin Islands
Market analysis Throughout 2023, the British Virgin Islands (BVI) has remained one of the most significant international jurisdictions for company incorporations. According to the latest BVI Financial Services Commission (FSC) statistical bulletin dated June 2023, there were 366,050 active business companies and a further 2,358 active limited partnerships in the BVI.
BVI Court Strikes Out Witness Statement Of Fact For Trial
In a recent decision in Petroci Holding v Masirah Oil Limited & Ors,1 the British Virgin Islands ("BVI") Commercial Court struck out materially the whole of a witness statement of fact for trial on the basis that it was not made from personal knowledge. The proceedings arise out of share issuances in Masirah Oil Limited (the "Company") which Petroci alleges diluted its shareholding in an unfairly prejudicial manner. The defendants deny the claim.
Appointment of Liquidators: BVI Court Rejects 'Put-Up Job' Defences
Following contested hearings on each of 20 and 21 February 2023, the Commercial Court has handed down its decision in Happy Lion Ventures Limited and Anor v RZ3262019 Limited. By its judgment, the Court appointed joint liquidators over the respondent BVI HoldCo and, in so doing, confirmed its proactive and forensic approach to the analysis of alleged defences to debts upon which liquidation applications are founded.
Update On Russian Sanctions In The BVI
Sanctions continue to apply against Russian individuals and entities in the British Virgin Islands ("BVI"). A number of recent developments provide insight on how law firms and litigants are navigating the sanctions regime. Effect of the Sanctions By way of recap, the UK's sanctions regime has been extended to the BVI by the Russia (Sanctions) (Overseas Territories) Order 2020 (S.I. 2020/1571) (the "OT Order"), as amended.
Russian Sanctions Regime: Court Issues Further Guidance To Legal Practitioners
In a judgment published by the British Virgin Islands ("BVI") Commercial Court this week, the Honourable Mr Justice Jack has issued fresh guidance on the circumstances in which a legal practitioner will be permitted to cease acting for an entity or individual that is subject to economic sanctions.
ECCA Declines To Hear Appeal Against Ex Parte Orders Prior To Return Date
Last week, the Eastern Caribbean Court of Appeal (ECCA) handed down its judgment on an attempted appeal by a BVI company, Greater Sail Limited ("Greater Sail"), against orders made ex parte by the Commercial Court, prior to the return date hearing. In refusing to hear the appeal, the Court found that it would be "improper to permit [the appellant] to appeal to this Court" prior to an inter partes hearing before the judge below.
BVI Court Injuncts Assets Of Unidentified Owners Of Crypto Wallets
In a first for the territory, the British Virgin Islands ("BVI") Commercial Court has granted a worldwide freezing order against persons unknown, being those allegedly responsible for cybercrime consisting of the theft of digital assets.
Chainswap: BVI Court Injuncts Assets Of Unidentified Crypto Wallets
In a first for the territory, the British Virgin Islands ("BVI") Commercial Court has granted a worldwide freezing order against persons unknown, being those allegedly responsible for cybercrime consisting of the theft of digital assets.
Restoration Of A British Virgin Islands Company: Do You Qualify As An Interested Person?
British Virgin Islands: Restoration Of A British Virgin Islands Company: Do You Qualify As An Interested Person? 03 March 2022 by Adrian Francis , Matthew Freeman and Andrea Walters Maples Group Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com. BVI companies are regularly struck off the Register of Company and subsequently dissolved. BVI companies are also dissolved following the completion of a liquidation process.
Inherent Jurisdiction
British Virgin Islands: BVI Trusts: The Inherent Jurisdiction Of The Court To Remove And Replace A Trustee 24 February 2022 by Adrian Francis , Matthew Freeman , Scott Tolliss and Martha Ramtahal Maples Group Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Amend Your Notice Or Be Confined To Your Application
British Virgin Islands: Amend Your Notice Or Be Confined To Your Application 21 February 2022 by Adrian Francis , Matthew Freeman and Scott Tolliss Maples Group Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Posting Security: Digital Assets Not A Replacement For Payments Into Court
UK: Posting Security: Digital Assets Not A Replacement For Payments Into Court 01 February 2022 by Adrian Francis , Matthew Freeman and Scott Tolliss Maples Group Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Anti-Suit Injunctions: A Jurisdiction Which Must Be Exercised With Caution - Litigation, Mediation & Arbitration - British Virgin Islands
British Virgin Islands: Anti-Suit Injunctions: A Jurisdiction Which Must Be Exercised With Caution 25 October 2021 by Adrian Francis , Matthew Freeman and Scott Tolliss Maples Group Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
A Person Aggrieved - Prove Your Debt Or Fall Short On Standing - Insolvency/Bankruptcy/Re-structuring - British Virgin Islands
British Virgin Islands: A Person Aggrieved – Prove Your Debt Or Fall Short On Standing 22 September 2021 by Adrian Francis , Matthew Freeman , Stuart Rau and Scott Tolliss Maples Group Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
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