The corporate structure and procedures applicable to a BVI company are set out in the company’s constitutional documents (i.e. its memorandum and articles of association)which govern the relationship between the company, its members and its directors. The flexibilities inherent in such a system make BVI companies extremely attractive as part of asset holding structures. The BVI has an independent legal and judicial system based on English common law and the UK Privy Council is the final court of appeal. The attractiveness of the BVI, as a jurisdiction for asset holding structures, is further enhanced by the ability to register aircraft, as well as aircraft mortgages and aircraft engine mortgages.
In this chapter, BVI partner, Andrew Jowett, provides an overview of aircraft liens in the British Virgin Islands, discussing which liens exist and what are their essential characteristics under BVI law, among other things.
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