The value in most judgments or arbitration awards relies on their successful enforcement. As valuable assets are often held through offshore companies, the BVI, Bermuda and the Cayman Islands are key jurisdictions for enforcement. Our experts in these jurisdictions regularly act on recognition and enforcement proceedings in relation to arbitration awards and foreign judgments.
Having had experience of conducting arbitrations under the ICC, SIAC, LCIA, HKIAC and UNCITRAL rules of arbitration, our lawyers fully appreciate the work that will have gone into obtaining the award and the importance of successfully enforcing it. We also have relationships with litigation funders and recognise that they are increasingly involved in arbitration cases and will no doubt be focused on successful enforcement. We have been at the forefront in advocating that litigation funding should be approved and recognised by the court in the BVI and Cayman.
Our extensive experience of cross-border international disputes, including fraud, asset-tracing and insolvency, means that we are ideally placed to advise on the strategy for enforcement and to take all steps to realise assets including bringing winding-up or bankruptcy proceedings. We have specialist expertise in obtaining interim relief to preserve or locate assets including obtaining freezing injunctions and Norwich Pharmacal orders.
The BVI International Arbitration Centre opened on 16 November 2016 and the BVI IAC Rules came in force on the same date giving full force to the Arbitration Act 2013. The BVI is a party to the New York Convention ensuring that BVI arbitral awards are enforceable in the other 159 member state parties. The BVI’s central location between North and South America makes is an ideal neutral venue for parties with business in those locations and/or the Caribbean to resolve their disputes. As the market leader in BVI we have supported the development of the BVI IAC and advise on arbitrations seated in the BVI and governed by BVI law.
Our services include:
- Recognition and enforcement proceedings
- Disclosure orders
- Advice on strategy for enforcement including winding up or bankruptcy proceedings
- Grant of freezing and charging orders
- Drafting arbitration clauses
- Expert witness evidence on BVI, Cayman and Bermuda law