Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 18
British Virgin Islands
Contributor: Mourant
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Loans and
financial
support
•
The BVI Government is consulting with various banking institutions in relation to loan
repayments. Some banks are already offering deferred payments, special loan financing
and other concessions. Arrangements are currently made on a case by case basis.
•
The BVI Government has stated that the economic response to the COVID-19
pandemic is to be implemented in a phased approach. The Government has allocated
USD 12 million dollars to ensure the procurement of the necessary supplies and
structure. Further details of the economic stimulus package, to assist BVI residents
and businesses are expected to be published soon.
•
As detailed above, further details of the BVI Government’s economic stimulus
package to support businesses and individuals are expected in due course.
Has the
government put in
place any new bank
funding schemes?
Employment
What financial
support is the
government
providing to
businesses and
to individuals on
employment issues?
Insolvency
•
The legislation has not been changed as a result of the pandemic but the Charging
Orders Act 2020, which was published in the Government Gazette on 26 March 2020,
confers jurisdiction on the High Court to make orders imposing a charge for securing
the payment of money due under judgments or orders of the High Court. As at 20
April 2020, the Act is not yet in force.
•
We are not aware of any intervention into the workings of contracts governed by BVI
law and the normal rules apply.
•
The majority of commercial contracts under BVI law will have force majeure clauses
providing for situations when a party may terminate the contract and/or be excused for
failure or delay in complying with the terms of the contract due to a specified event. The
contract will usually list force majeure events. The question of whether COVID-19 as a
pandemic is a force majeure event will depend on the drafting of the clause in each case.
•
No laws have been amended. However, the BVI Government has appealed to
landlords to be flexible with tenants.
Has the
government made
any changes
to insolvency
legislation?
Contractual
Issues
What measures
have been taken
to reinforce
contracts?
Property
Have any changes
been made to
the laws around
property, rent and
enforcement?
Rachael McDonald | rachael.mcdonald@mourant.com | +1 284 852 1722
Eleanor Morgan | eleanor.morgan@mourant.com | +1 284 852 1712
Tony Pursall | tony.pursall@mourant.com | +44 (0)20 7796 7603
Government measures in key jurisdictions
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