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Article: Takeovers and director's duties: British Virgin Islands.(British Virgin Islands International Finance Centre)(Statutory duties)
- Article from:
- Mondaq Business Briefing
- Article date:
- January 13, 2006
- Author:
CopyrightCOPYRIGHT 2006 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Article by Leonard A. Birmingham, Partner - Harney Westwood & Riegels on behalf of the BVI International Finance Centre
The absence of any Takeover Code has sometimes made it difficult for directors of British Virgin Islands (BVI) companies and their advisers to determine what are the applicable rules when a BVI company is faced by a takeover offer. In basic terms, a takeover can be described as the acquisition by a person of all of the shares in a company save for those held by the offeror. Unlike English law1, the term is not defined in BVI law. So what is a person to do where he finds himself a director2 of a BVI company and that company is the subject of ...