Government measures in key jurisdictions 5th edition - Flipbook - Page 24
British VirginIslands
Contributor: Mourant
Loans and
financial
support
Has the
government put in
place any new bank
funding schemes?
Employment
•
All of the six major lending institutions in the BVI extended loan moratoriums to their
customers experiencing hardship at the outset of the Covid-19 pandemic.
Banks offered deferred payments, special loan financing and other concessions.
Arrangements are currently made on a case by case basis.
•
The BVI Government implemented a phased economic stimulus response plan
which included the allocation of USD 62.9 million to provide assistance to the local
economy across various areas including grants to businesses generally, and to
support the hospitality industry and BVI infrastructure.
•
What financial support
is the government
•
providing to
businesses and to
individuals on
employment issues?
•
•
Insolvency
•
Has the
government made
any changes
to insolvency
legislation?
Contractual
Issues
What measures
have been taken
to reinforce
The BVI Government has set up an unemployment fund through the Social Security
Board called the Covid-19 Unemployment Relief Fund in the sum of USD 10 million.
Local businesses experiencing challenges can qualify for a grant in order to keep
their staff employed.
On 3 February 2021, Cabinet approved the Unemployment/Underemployment
Benefit Programme Policy via the Covid-19 Phase II Economic Response Stimulus
Package in the amount of ten million dollars which will come from the $40 million
grant from the Social Security Board.
The employee lay off period was extended to 28 February 2021.
The BVI Government has granted stimulus cheques to over 1,039 businesses with
grants ranging from USD1,592 to USD7,955.
The legislation has not been changed as a result of the pandemic but the
Charging Orders Act 2020, which was published in the Government Gazette on 26
March 2020, confers jurisdiction on the High Court to make orders imposing a charge
for securing the payment of money due under judgments or orders of the High Court.
As at 15 February 2021, the Act is not yet in force.
•
We are not aware of any intervention into the workings of contracts governed by BVI law
and the normal rules apply.
•
The majority of commercial contracts under BVI law will have force majeure clauses
providing for situations when a party may terminate the contract and/or be excused for
failure or delay in complying with the terms of the contract due to a specified event. The
contract will usually list force majeure events. The question of whether Covid-19 as a
pandemic is a force majeure event will depend on the drafting of the clause in each case.
contracts?
Property
Rachael McDonald | rachael.mcdonald@mourant.com | +1 284 8521722
Eleanor Morgan | eleanor.morgan@mourant.com | +1 284 8521712
Tony Pursall | tony.pursall@mourant.com | +44 (0)20 7796 7603
•
On 3 February 2021, Cabinet decided that a period of amnesty of interests
accrued on property tax be granted through 31 August 2021.
Have any changes
been made to
the laws around
property, rent and
enforcement?
24
Government measures in key jurisdictions
