Walkers' BVI Office Celebrates its 20 Year Anniversary

Walkers is celebrating 20 years of operating in the British Virgin Islands.

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Guernsey Climbs Legal 500 Rankings

Walkers' Guernsey office is now ranked by Legal 500 as Tier 1 for legal advisers in five of its core practice areas.

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10 Walkers' Lawyers Recognised in Asia Business Law Journal's Top 50 Offshore Lawyers 2022

10 lawyers across Walkers' Bermuda, Cayman, Hong Kong and Singapore offices have been recognised in the Asia Business Law Journal’s A-List of top offshore lawyers.

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Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
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Cayman Islands Private Funds: Reminder of the CIMA Requirement to file a Fund Annual Return Form

Further to our advisory dated May 2021, any Cayman Islands entity that is registered with the Cayman Islands Monetary Authority (“CIMA”) as a private fund is required to file a Fund Annual Return (“FAR”) form each year with CIMA. The FAR form will usually be filed within six months of a private fund’s financial year end. However for private funds with a 31 December 2020 financial year end, there has been an extension to the filing deadline until 30 September 2021.

The filing deadline is now fast approaching, and it is imperative that all private funds are taking steps to prepare and submit the FAR form.

How can Walkers Professional Services (“WPS”) assist?

Preparing the FAR forms can be time consuming and administratively burdensome. WPS has a dedicated team who can assist with the preparation and submission of the FAR form, together with payment of the FAR filing fee.

If you are interested in our FAR form service for your private fund, please email This email address is being protected from spambots. You need JavaScript enabled to view it. or speak with any of the below contacts.

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英属处女群岛商业法院就有关鲁南制药集团股份有限公司的长期纠纷案件作出判决

英属处女群岛("BVI")法院在有关一家中国大型制药公司股份所有权的长期争议的一项判决中,显示BVI法院对于涉及中国资产和涉及广泛性的BVI及中国法律问题之复杂跨境商业纠纷案件具备作出有效裁决的能力,而其中汇嘉律师事务所为其客户赵龙女士赢得了全面胜利。

于2021年7月20日,BVI商业法院就BVI一家公司的股份所有权之复杂诉讼作出有利于汇嘉客户赵龙和凯伦新时代投资有限公司(即“申索人”)的判决。该公司(“安德森”)持有一家其名为鲁南制药集团有限公司(简称“鲁南”)的中国大型制药公司的四分之一的已发行股本(简称“鲁南股份”)以及其他集团公司中的股份(与鲁南股份合称“中国股份”)。

 

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Appeals to the Privy Council: 21 days does not mean 21 days and 13 hours

On 12 July 2021, the Court of Appeal of the Eastern Caribbean Supreme Court (the "Court of Appeal") reached a unanimous ruling on the time limit for applying for a motion for leave to appeal to Her Majesty in Council (the "Privy Council").

Section 4 of the Virgin Islands (Appeals to Privy Council) Order 1967 (the "1967 Order") states that applications to the Court of Appeal for leave to appeal to the Privy Council shall be made by motion or petition within 21 days of the date of the decision to be appealed from. The 1967 Order is a UK statutory instrument that was enacted under the exercise of powers by Section 1 of the Judicial Committee Act 1984 (an English Act of Parliament).

In the case before the Court of Appeal on 12 July 2021, the question for the panel was how the twenty-one day period, set out at section 4 of the 1967 Order, should be calculated.

 

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BVI Commercial Court hands down judgment in long-running dispute concerning Lunan Pharmaceutical Group Limited

Walkers has secured a comprehensive victory for its client, Ms Zhao Long, in a long running dispute regarding the ownership of shares in a significant PRC pharmaceutical company in a judgment of the BVI Court demonstrating the BVI Court's ability to effectively adjudicate complex cross-border commercial disputes involving PRC assets and wide ranging questions of both BVI and PRC law.

On 20 July 2021, the British Virgin Islands (“BVI”) Commercial Court handed down judgment in favour of Walkers' clients, Zhao Long and Kunlun Newcentury Investment Holdings Co Ltd (the "Claimants") in a complex litigation concerning the ownership of shares in a BVI company (“Endushantum”) which in turn holds a quarter of the issued share capital of a significant PRC pharmaceutical company called Lunan Pharmaceutical Group Limited (“Lunan” and the “Lunan Shares”) as well as shares in other group companies (together with the Lunan Shares, the “PRC Shares”).

From 2011, the shares in Endushantum were held by a BVI trust for the benefit of the founder of Lunan, Mr Zhao Snr (the “Zhao Trust”). Shortly before his death in 2014, Zhao Snr executed instructions to transfer title to the shares in Endushantum to his daughter, Ms Zhao Long. Those instructions were not followed. Justice Jack held that a transfer of shares in Endushantum, the issuance of new shares in that company to third parties and the establishment of a new BVI trust following the death of Zhao Snr was a breach of the Zhao Trust. The Judge has found that the third parties receiving shares in Endushantum were knowing recipients and the Claimants, Ms Zhao Long and another BVI company, are entitled to the return of the shares in Endushantum.

 

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Chinese Version

SPACs and Aviation and Aircraft Finance

The commercial aviation industry is among the global industries which have undoubtedly faced the most challenges as a result of the COVID-19 global pandemic. A sharp, sudden decline in passenger numbers and demand for flights has resulted in an unprecedented and dramatic fall in aircraft evaluations. However, as with all cycles, the bottom of the curve presents attractive opportunities for investors. With the rate of roll-out of vaccines rising across the globe and the industry taking the lead on cutting edge solutions to re-open the skies, such as vaccine passports, many, including some of the world’s largest leasing companies, have been on record suggesting we may have seen the worst. As a result, interest in investing is now increasing with some high profile investors whom have already established platforms ready to deploy cash. During these uncertain times, one fundraising vehicle that has grown in prominence and dominated international financial headlines is the Special Purpose Acquisition Company or SPAC.

As market leaders for offshore legal, Walkers have advised on numerous SPAC transactions and aviation finance, providing us with a birds-eye view of market trends. In this paper we provide an overview of SPACs, and discuss how this structure can be utilised by investors in aviation and aircraft finance transactions.

 

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