Asset Recovery

Unintentional and deliberate conduct may trigger financial losses and can cause damage to creditors. To avoid that severe damage occurs, creditors can take distinct actions. Financial failure and misconduct does not differentiate between natural persons, organizations or companies. Also offshore companies and International Business Corporations registered and incorporated in the British Virgin Islands (BVI) may become victim of financial losses. Asset recovery is the answer for victims willing to recover their assets.

Asset recovery is a process where combined civil and criminal actions lead to the best position to return assets and funds to the rightful owner. No warranties can be given, and prior results do not guarantee similar outcomes. However, creditors must realize that insolvency, where the debtor has insufficient assets to repay all creditors, is a serious matter that must be considered. Therefore, BVI asset recovery includes criminal actions like confiscation and non-conviction based confiscation and civil actions like out of court settlements, the freezing of corrupt assets, confiscation of property and other proceedings.

International enterprises incorporated in the BVI often qualify as offshore companies or International Business Corporations. Such companies utilize several distinct professional services. These professional service providers may be located in the BVI, as well as in foreign jurisdictions. BVI asset recovery applies to bank failure, investment fraud and other loss of money and other assets. Asset recovery services cover losses inside and outside the territory.

The BVI is one of the leading offshore financial centers. To maintain its prominent position and comply with global codes of conduct and international regulation, the jurisdiction has amended and modernized its local legislative and regulatory framework. As such, more and more illicit actors and obscure activities are relocated elsewhere or skip the BVI as a jurisdiction for incorporation.

Laws in the BVI combine common law with equitable principles, locally enacted legislation and statutory law. Courts may pierce the corporate veil and impose personal liability on directors, shareholders, or beneficial owners. In insolvency and liquidation procedures shareholders and liquidators can file derivative claims against the corporate directors. As such, there are ample possibilities to get assets returned.

Many BVI Offshore companies and International Business Corporations have experienced bank failure and closure and as a creditor investment fraud and insolvency challenges. Asset recovery for offshore companies follows a strict regime. To avoid unnecessary losses, a substantiated and proven recovery plan must be composed.

BVI Asset Recovery

BVI asset recovery is identical to other offshore fund recovery procedures and thus requires structure, determination and dedication. Appropriate understanding of the legal process is needed to flow through a lengthy and difficult asset recovery. Whether it be insolvency, offshore bank failure or regulatory intervention encouraged by findings of international bureaus like US based FinCEN, efficient tactics deliver results.

There may be multiple actions needed to get the funds or assets from BVI offshore companies and International Business Corporations returned. Mistakes are costly and there are no second chances. This means that BVI offshore companies and other creditors must be constantly at high alert to not miss a thing. For most creditors this is impossible because they still have a company to manage; a company that probably has liquidity shortages due to the asset block, bank closure, or other failure to return the corporate assets.

Especially in bank failures and corporate liquidation, creditors must take on every possibility to regain access to part of their funds. Asset recovery is a staged process, and every recovery moment must be utilized to its full capacity. Many creditors fail to file a claim with applicable deposit protection schemes and private insurances. Consequently they miss out on the most important external control and verification mechanism for the future. Approval of external claims can be leveraged into out of court settlements and other alternatives.  

For further information on BVI asset recovery in case of offshore bank failure, cross-border insolvencies, and investment fraud, and to discuss your case, please complete the contact form below.

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