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| Fraud and Asset Tracing in the BVI - What You Need to Know |
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With more than 500,000 active entities and unrivalled assets held (by value), the British Virgin Islands leads as the global domicile of companies. The BVI’s success is fostered on its being one of the best regulated jurisdictions globally. Its strength of reputation is in no small part due to a strong judiciary, regulatory system and stable political environment.
Against this backdrop, the BVI has become known for having robust measures to protect companies from money laundering, corruption or other illegal activity and for its systems to combat fraud and assist creditors obtain information held by companies, including by Norwich Pharmacal order. Litigants are able to avail themselves of a sophisticated legal system based on English common law, with final appeal to the Privy Council in London.
In this guide, Harneys explores some of the means of assistance available to creditors of BVI companies where fraud is at issue or asset tracing required. As the leading firm in the BVI, Harneys has unrivalled depth of expertise in litigation, asset tracing, recovery and more.
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| Video: Norwich Pharmacal orders |
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| Paula Kay discusses Norwich Pharmacal orders, which are used to assist victims of fraud, corruption, and/ or wrongdoing to obtain vital ownership/control information against otherwise "secret" companies. |
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| Video: Tracing assets and preventing fraud |
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| Andrew Thorp discusses enforcement, appointing a receiver and other steps judgment creditors can take in the BVI, as well as how the benefits of awards and judgments can be monetized. |
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| Black Swan Freezing Orders |
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The "Black Swan" jurisdiction is an invaluable tool in asset tracing in the BVI as a means of freezing assets without the need to bring a claim for substantive relief.
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| Appointment of Receivers |
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The Receiver is arguably the most powerful weapon in the BVI's asset tracing armoury, and recent movements in case law have made this remedy more widely available.
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| Bearer Share Restorations |
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Restoring a company to good standing is one avenue by which a creditor may pursue an asset which is thought to have vanished, even in the case of companies with bearer shares.
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| Confidentiality in the BVI: What records are available? |
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Despite the popular myth of the secrecy of BVI companies, the reality is that comprehensive details of ownership and other information are available, especially to the victims of fraud and those seeking to trace assets.
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| Disclosure of Information |
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Disclosure orders are powerful weapons for tracking down and recovering assets, thanks to the BVI's strict statutory and regulatory requirements for keeping records of beneficial ownership and more.
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| Harneys textbook on BVI Commercial Law |
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British Virgin Islands Commercial Law is the only textbook of its kind which offers practitioners a comprehensive guide to BVI law including on confidentiality, anti-money laundering and exchange of information.
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| Key Contact |
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Phillip Kite
Global Head of Litigation & Insolvency
London
+44 203 752 3601
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| Key Contact |
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Ian Mann
Partner
Hong Kong
+852 3195 7236
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| Key Contact |
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Andrew Thorp
Partner
British Virgin Islands
+1 284 852 2571
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| Key Contact |
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Aki Corsoni-Husain
Partner
Cyprus
+357 25 820020
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| About Harneys |
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| Harneys brings unrivalled expertise in investigations, corporate crime and fraud. We regularly advise and act in enforcement proceedings, and assist with asset tracing and recovery, data protection, and investigations into money laundering and corruption. |
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