There has been a real victory for British Virgin Islands (BVI) liquidators in the Australian Federal Court in the past month, highlighting the transparency and global understanding of the BVI Business Companies act. This news is likely to be a boost to creditor’s confidence, further acknowledging that the BVI is a jurisdiction that allows companies to be wound up in an efficient and timely manner.
This case indicates that the Australian courts approach to Cross-Border insolvency is to be similar to that of England, where the centre of main interest is usually considered the BVI. In this instance this has allowed the liquidators appointed in the BVI to deal with the insolvency at BVI level, whilst having the ability to obtain leave to examine a former director in relation to company affairs and compel the directors to produce certain records.
This month, The Links Group extended its beneficial ownership protection services with the launch of Global Solutions. The new offshore fiduciary service allows foreign companies registered in the UAE or Qatar to protect their 49 percent business interest through incorporation of a holding company in the BVI.
For more information about the BVI liquidators’ victory in Aussie courts, please check this article: