Finance Multi-jurisdictional Guide 2014: BVI
21 Mar 2014
This article first appeared as the British Virgin Islands chapter in the Lending and Taking Security Overview in the Finance Multi-Jurisdictional Guide 2014/15, published by Thomson Reuters.
In this article, Michael Gagie and Matthew Gilbert give a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees in the British Virgin Islands. They cover creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform.
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