BVI Finance This Week 8/5/20

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BVI Finance This Week 8/5/20

05/11/2020 08:34:00 PM

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FRIDAY 8 MAY, 2020

NEXT PHASE OF INTERNAL REOPENING ANNOUNCED FOR THE BVI

Premier and Minister of Finance Honourable Andrew A. Fahie announced earlier this week that the next phase of internal reopening for the BVI economy will start on Sunday, 10th May.

The Premier said, that Cabinet approved businesses will be able to operate between the hours of 6:00am to 7:00pm under the new Curfew Order, which also begins on Sunday, 10th May and will be in effect for 14 days.

“Our decision as cabinet ministers and as a government is hinged on the aggressive contact tracing by public health officials to identify and address every possible risk,” said Premier Fahie.

He thanked his team for remaining committed to the task of keeping the BVI healthy and safe, and he also expressed his gratitude to the community for practicing social distancing and remaining in quarantine as directed.

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BRITISH VIRGIN ISLANDS: BRITISH VIRGIN ISLANDS JURISDICTIONAL GUIDE FOR COVID-19

Mondaq has recently published a British Virgin Islands Jurisdictional Guide for COVID-19 authored by Jeffrey Kirk and Shana Simmonds of Appleby BVI. The guide discusses the significant actions taken in the BVI in response to the COVID-19 pandemic.

The guide provides an overview of the financial support on offer to businesses in the BVI and also reviews some of the changes which have arisen and measures that have been adopted by the Government. Kirk and Simmonds also touch on the impact of the crisis on directors' duties and offer some tips for good governance of distressed companies.

Some of the questions answered in the guide include:

What financial support, if any, has been offered by the State and Central Bank to businesses affected by the COVID-19 crisis?
Can lenders be made liable for lending at this time?
Are there any other measures (legislative or otherwise) being considered by the State or industry?

If you haven’t had a chance to look at the guide, you can do so here.

SPOTLIGHT

O’NEAL WEBSTER ADVISES ON JPY 3.8 BILLION BRITISH VIRGIN ISLANDS PLAN OF ARRANGEMENT

O’Neal Webster has advised on a JPY 3.8 billion British Virgin Islands plan of arrangement which was recently approved by the Eastern Caribbean Supreme Court (British Virgin Islands) on 6^th April 2020. Articles of arrangement were subsequently filed with the BVI Registry of Corporate Affairs, giving effect to the plan of arrangement. The deal is the most recent BVI approved plan of arrangement and one of only a handful ever approved in the BVI.

The O’Neal Webster team was led by Corporate Partner Christopher Simpson and Litigation Partners Nadine Whyte-Laing and Dan Wise, advising on the corporate and court aspects of the transaction, respectively. The team worked in conjunction with Nakayama & Partners of Japan and Simon C.W. Yung & Co., of Hong Kong.

Commenting, Partner Simpson said: “This transaction demonstrates the depth and skill of the corporate and litigation teams at O’Neal Webster. They worked together, seamlessly, dealing with multiple time zones while facing opposition, ultimately securing approval for our client, which was the best result for their business.”

BVI Finance congratulates the O’Neal Webster team on this huge accomplishment! You can read the details of the plan of arrangement, here .

HARNEYS CREATES ACTIVITY BOOKS TO KEEP KIDS ENTERTAINED DURING WFH

Harneys has created activity books for kids aged 1-11 years, aimed at keeping them active and entertained while parents are working from home. Parents and friends can download and print the activity books by clicking on the images, below.

Weekend Reading Suggestions

5 MOTHER'S DAY IDEAS TO MAKE MOM FEEL SPECIAL, IN ADDITION TO THAT VERY IMPORTANT CALL

When celebrating mom this Mother's Day, we are going the (social) distance!

Amid a global pandemic, Sunday's festivities may detour from the usual but there are still creative ways to make an irreplaceable parent feel loved. Technology can shrink the distance and allow for shared experiences. Take-out that pulls double-duty can also be a plus. Or perhaps you can drive a decked out car and toot your mom's horn!

Here are the ways that you can make your mom feel special. And bonus for the procrastinators (whose mom would likely lovingly describe them as "just very busy"): Most of these things can still be done now.

Erin Jensen of USA TODAY lists five innovative and creative ways we can make our moms feel special this Mother's Day!

VE DAY: HOW DID THE HEROES OF THE CARIBBEAN HELP WIN THE WAR?

On 8^th May 1945, Prime Minister Winston Churchill made an announcement on the radio at 3:00pm that the war in Europe had come to an end, following Germany's surrender the day before. 8^th May 2020 marks the 75^th Anniversary of VE Day and in honour of the occasion, we thought it fitting to have a look at the Caribbean’s role in helping to win the war.

When Britain called on the Caribbean for support in World War Two, more than 10,000 men and women crossed the Atlantic in response.
The RAF enlisted 5,500 men from the Caribbean, most to be trained as ground crew – mechanics and maintenance staff of the aircraft.
Around 400 trained as aircrew of whom about 70 served as pilots and navigators. They earned 103 military decorations. 520 Caribbean technicians were trained to work in munition factories.
Many Caribbean troops served as skilled tradesmen with the Royal Engineers in Lancashire, building bridge and pontoon segments.
There were also work opportunities in America: over 50,000 West Indians went to work in agricultural and war industries. Around 200 Caribbean women were sent to serve in the ATS in Washington.
The West Indian governments and people contributed well over a million pounds to the war effort and islanders raised funds to build 11 bombers and a mobile canteen. The Caribbean also supplied Britain with oil, bauxite, timber, rum and food.