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Limited Partnership Act (British Virgin Islands) Enacted

We are pleased to announce the enactment of the new Limited Partnership Act (British Virgin Islands) (“LPA”). The LPA represents the culmination of the efforts of fourteen (14) lawyers from eight (8) British Virgin Islands law firms to create a state of the art limited partnership act. Stand out features of the LPA include the following:

  • ease and cost-effectiveness of formation
  • extensive flexibility and freedom of contract regarding the terms of the partnership agreement
  • ability for a limited partnership to have legal personality
  • a high degree of flexibility for dealing with limited partners who default on capital commitments
  • provisions facilitating capital call financing
  • protections for managers/GPs who manage a wide range of funds
  • ability to publicly register security against a limited partnership with legal personality and to obtain priority under BVI law to the assets of the limited partnership as a result of the filing
  • extensive safe harbour provisions for limited partners
  • application of certain corporate law concept to limited partnerships, such as continuations, mergers, consolidations, redemptions of minority, interests and arrangements

The LPA is innovative and we believe will be highly attractive to funds, particularly private equity funds. Conyers Dill & Pearman is proud to be one of the leading firms spearheading the legislation.

 

To continue reading full articles in PDF format:
Limited Partnership Act (British Virgin Islands) Enacted

 


Robert J.D. Briant
Partner, Head of BVI Corporate

British Virgin Islands   +1 284 852 1100


Anton Goldstein
Partner

British Virgin Islands   +1 284 852 1119


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