In this episode of our Take 10 podcast, Asia Managing Partner Ian Mann and Counsel Andrew Chin talk about how the legislature and judiciary of the British Virgin Islands (BVI) and the Cayman Islands are constructing a favourable landscape for the application of interim measures in aid of international arbitration, no matter where those arbitrations…

In this episode, Partner Joshua Mangeot and Director of Fiduciary and Custodial Kerry Graziola discuss the various amendments in 2021 to the Economic Substance (Companies and Limited Partnerships) Act (the ESA) and the Beneficial Ownership Secure Search System Act (the BOSS Act) and provide an update regarding steps being taken by the International…

In this episode of our Take 10 podcast, Asia Managing Partner Ian Mann and Partner Peter Ferrer discuss the case of Les Ambassadeurs Club Ltd v Yu. Key takeaways: Les Ambassadeurs Club Ltd vs Yu is an English court of appeal case involving the test for a freezing injunction. This is the second case Les Ambassadeurs Club has had to file against a cu…

In this episode of our Take 10 podcast, Asia Managing Partner Ian Mann and Partner William Peake discuss the case involving Global Fidelity Bank and their involuntary liquidation. Key takeaways: Cayman Court appointed liquidators are officers of the Court; they must be professional insolvency practitioners; and they must act independently in the be…

In this episode of our Take10 podcast, Asia Managing Partner Ian Mann interviews Victor Joffe QC about his extensive legal career including his aspirations as a law student, his role models, how he overcame challenges and lessons learned, as well as helpful advice to younger generations of legal practitioners. Key Takeaways: Victor was always inter…

In this episode of our Take10 podcast, Partner Andrew Thorp is joined by Partner Peter Ferrer, Co-head of our global Litigation, Insolvency and Restructuring team, and Counsel Olga Osadchaya, a member of our Litigation and Insolvency practice in the BVI.By Harneys

In this episode of our Take 10 podcast, BVI Head of Litigation, Insolvency and Restructuring Andrew Thorp is joined by partner Jonathan Addo to discuss the eagerly awaited Privy Council full board decision in Convoy Collateral Limited v Broad Idea International Limited which was handed down on 4 October 2021. The Privy Council was asked to determin…

Partner William Peake returns with another episode of Take 10, joined by Counsel Francesca Gibbons and Associate Joshua Shuardson-Hipkin to discuss BVI shareholder remedies and the role that our London based disputes team plays to ensure 24-hour client service. Key Takeaways Clients should always consider timely corporate advice in establishing a B…

In this episode of our Take10 podcast, Asia Managing Partner Ian Mann is joined by Shanghai Managing Partner Vicky Lord to discuss the nuances and practicalities of offshore litigation from within the People’s Republic of China (PRC). Key takeaways Our lawyers in Shanghai provide advice to clients in the PRC on their offshore dispute matters. The P…

In this episode of our Take10 podcast, Partner Peter Ferrer is joined by Counsel Kimberly Crabbe-Adams as she provides insights into her experience growing up in the British Virgin Islands, pursuing her career in law, and the importance of passion. Key Takeaways: Kimberly first joined Harneys as part of a work-study programme while she was in high …

In the fourth episode of Substance on Substance season two, Philip Graham, our global head of Investment Funds and Regulatory, and Counsel Joshua Mangeot, our BVI economic substance specialist, consider the ITA’s investigation and enforcement powers under the Economic Substance (Companies and Limited Partnerships) Act 2018 and discuss some expected…

In this episode of our Take10 podcast, Partner William Peake is joined by our London Litigation team, Counsels Francesca Gibbons and Deirdre MacNamara, and Associate Joshua Shuardson-Hipkin, to discuss the inner workings of the Judicial Committee of the Privy Council. Key Takeaways: The history of the Privy Council can be traced back to the Norman …

In this episode of our Take 10 podcast, Litigation Partner William Peake joins Asia Managing Partner Ian Mann for an introduction and overview of The Offshore Litigation Blog, the platform that inspired the launch of our Take 10 podcast. Key takeaways The blog establishes a sense of community within the global litigation team at Harneys by providin…

On Season 3 of Take 10, we’re unravelling the complexities of the offshore litigation world. This season is packed with case law analysis, jurisdiction updates, as well as interviews with guest speakers and top legal experts who are at the forefront of legal developments in the offshore industry. Be sure to tune in each month for new episodes.…

In this episode of our Take10 podcast, guest speaker Victor Joffe QC of Temple Chambers joins Ian Mann to discuss Chu v Lau [2020] UKPC 24, a case that considers the test for winding up a company on the just and equitable ground, with particular reference to deadlock. Key takeaways Chu v Lau raises a number of interesting points about winding up on…

In a bumper episode for the holiday season, Phil and Josh venture into the weeds of the ES reporting requirements, giving a "deep-dive" into the reporting criteria and their long-awaited discussion of tax non-residence claims and Part 4 of the International Tax Authority (ITA) Rules. Key takeaways Reports must be filed by every "corporate and legal…

In the second episode of our Substance on Substance Season two, Philip Graham, our global head of Investment Funds and Regulatory, and Joshua Mangeot, our BVI Economic Substance specialist, give an update on points directors and operators of BVI entities should be aware of regarding the economic substance reporting deadlines. Key takeaways Director…

Our BVI economic substance specialists Counsel Joshua Mangeot and Director of Client Services Amy Roost address some FAQs regarding the reporting process, which are relevant to all BVI companies. Key Takeaways: The reporting deadlines for most BVI companies and other relevant entities are imminent - and in some cases have already passed. Most BVI e…

In this episode of our Take10 podcast, Ian Mann is joined by guest speaker Victor Joffe QC of Temple Chambers to discuss the UK Supreme Court case of Sevilleja v Marex Financial Ltd [2020] UKSC 31, a case that looked at whether the rule against reflective loss prevented creditors of a company from claiming directly against a third party for asset-s…

In this episode of our Take10 podcast, Paula Kay joins Ian Mann to discuss privatisation, the process by which a company transfers from public to private ownership and control. Key Takeaways Why privatise? Given the current economic and geopolitical climate, publicly listed companies are facing great pressure and are looking for ways to either exit…

In this episode of our Take 10 podcast, Andrew Johnstone and Ian Mann discuss the decision in CEFC Shanghai: the first PRC office holder to be recognised under the common law in Hong Kong. Key Takeaways: CEFC Shanghai CEFC Shanghai was a PRC company in Administration. The Administrators sought common law recognition in Hong Kong in order to stop a …

In this episode of our Take 10 podcast, Julie Engwirda and Ian Mann discuss directors’ duties and obligations where a company is experiencing financial pressure. Key Takeaways: 2020 has seen the global economy affected in unprecedented ways. With major loss of revenue, global stock market crashes, and millions of jobs affected, directors across all…

In this episode of our Take10 podcast, Ian Mann and Dayton Riddle discuss whether a board of directors of a Cayman Islands company has the right to petition to wind up the company without shareholder approval, for restructuring or insolvency purposes. We hope you have enjoyed our Take 10 series this year and we look forward to providing you with mo…

In the fifteenth and final episode of Harneys’ Substance on Substance series for 2019, Philip Graham and Joshua Mangeot (plus special guest George Weston) examine the journey of economic substance in the BVI to date, from the inception of the Act to the final ITA Rules and discuss how BVI entities are coming to terms with these developments. Key ta…

In this episode of our Take 10 podcast, Ian Mann and Julie Engwirda discuss the shareholder remedy of derivative actions, particularly multiple derivative actions in the British Virgin Islands.By Harneys

SOS Substance on Substance: Episode fourteen – Timing of compliance and reporting obligations In the fourteenth instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot discuss timing for compliance and reporting and address the ongoing obligation on BVI companies and other legal entities to identify “relevant activiti…

SOS Substance on Substance: Episode thirteen – What should directors and fiduciary service providers be considering? In the thirteenth instalment of Harneys’ Substance on Substance series, Joshua Mangeot and special guest George Weston discuss BVI directors’ duties in the context of the Economic Substance (Companies and Limited Partnerships) Act 20…

In this episode of our Take10 podcast, Ian Mann and Jayesh Chatlani discuss their experiences in the Privy Council, the final court of appeal for offshore Caribbean jurisdictions.By Harneys

Economic substance legislation and its impact on liquidations In the twelfth instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot discuss how BVI entities currently in liquidation or considering this option should approach the BVI economic substance (ES) requirements. They also consider the position of liquidators …

In the eleventh instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot summarise the presentation which representatives from the BVI Government, BVI Finance and the International Tax Authority (ITA) delivered to BVI industry participants on 16 October 2019. Key takeaways: • The ITA Rules were formally published on 9 Oc…

Classify, Classify, Classify In the tenth instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss the release of the final version of the guidance formerly known as the “Code”, which was published by the ITA on 9 October 2019 as its newly-titled Rules and explanatory notes (the Rules). Key Takeaways • With the c…

In this episode of our Take10 podcast, Ian Mann and Dayton Riddle discuss common law recognition and the case of Supreme Tycoon. Key takeaways: The Hong Kong Court determined that it could recognise a foreign voluntary liquidation of a Company. The Court distinguished Supreme Tycoon from Lord Sumption’s obiter dicta in Singularis noting that the ke…

In the ninth instalment of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss points to consider if your BVI entity may hold intellectual property (IP). Key takeaways: • A key focus of the EU and OECD has been on IP, as part of the base erosion and profit-shifting (BEPS) initiative. • The BVI definition of IP rights incl…

In the eighth instalment of the Harneys Substance on Substance series, Philip Graham and Ross Munro discuss Substance Solutions in the BVI. Episode Eight Phil and Ross highlight the options available to BVI entities once they have classified themselves under the Economic Substance legislation and have determined that they need to put substance in p…

In the seventh instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot give an update on timing of the ITA Code and consider some FAQs around the “holding business” and “finance and leasing business” definitions. Episode Seven Phil and Josh discuss the “holding business” and “finance and leasing business” definitions …

In this episode of our Take10 podcast, Ian Mann and Gareth Murphy discuss lessons learned from the recent shareholder case of Dinglis. Key takeaways: There was no quasi-partnership; There was no unfair prejudice for breach of understandings; There was unfair prejudice for breach of fiduciary duties; and A minority discount applies as no quasi-partn…

In the sixth episode of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot examine good governance principles for BVI entities in the context of the classification process and what entities should be doing now in light of their statutory obligations Episode Six Phil and Josh discuss the release of the BVI Economic Substance Co…

In the fifth episode of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot confirm that the first economic substance (ES) compliance “financial period” has commenced for all BVI companies and other relevant legal entities and also address some common misunderstandings regarding the ES timetable. Episode Five Phil and Josh disc…

In the fourth episode of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss the option of continuing a BVI entity out of the jurisdiction (sometimes called a “re-domiciliation” or “migration”) as a response to the economic substance legislation. Episode Four Phil and Josh discuss (a) the global trend towards adopting eco…

In the third installment of Harneys’ SOS Series, Phil Graham and Josh Mangeot examine the implications of the first reading of the BOSS (Amendment) No 2 Act, 2019 in the House of Assembly, which is the enabling legislation for bringing into force the International Tax Authority (ITA)’s economic substance Code in the BVI. It is expected that the sec…

The SOS series was launched to provide our audience with the latest news on developments in the Economic Substance space, cutting through the confusion to deliver expert guidance from our Economic Substance Analysis team. Episode 2 In the second episode, Phil Graham and Josh Mangeot discuss the key aspects of an industry update provided by BVI Fina…

Harneys launches its S.O.S. series, delivering hot takes on critical topics around the Economic Substance legislation. Each episode will give the very latest updates on this ever-changing environment, with an aim to provide consistency and certainty for our audience. First up, Phil Graham and Josh Mangeot discuss the immediate implications of the p…