Practically Speaking season two, episode five - Disclosure of BVI company information
29 Jun 2021
In this episode, Transactional Partner Rachel Graham and Dispute Resolution Counsel Francesca Gibbons look at information disclosure and the available options in respect of BVI companies.
- The information a BVI company is required by law to maintain and retain includes:
- Statutory records and registers – relating to the company
- Financial and other Records relating to business of the company
- All BVI companies are required to have a registered agent in the BVI – they are required to hold copies of statutory registers, they make most of the filings, they are considered the administrator of the company in the BVI.
- Not all information is available publicly – registered agents can be contacted to request additional information (and sometimes those requests may be declined)
- There are three main options available for requesting information about a BVI company:
- Norwich Pharmacal Orders (NPO) – Allows parties to apply to Court on an ex parte basis most commonly against the registered agent for documents they hold
- Section 100 (of the BVI Business Companies Act 2004) applications– Directors can make this application to Court with statutory backing for an order for delivery up of documents
- Disclosure – A stage within the litigation process that grants parties disclosure and inspection of documents in the control of other parties where they are directly relevant to an issue in dispute in the claim