Examples of BVI Structure in a sentence
It is not in issue that the Trustee, in its capacity as trustee, and therefore owing fiduciary duties to the beneficiaries, exercised the relevant powers under the trust deeds by which it transferred the assets into the BVI Structure and brought forward the trust periods, so as to terminate the Trusts.
He accepts that the tax advice given to the Trustee was not formally documented by him at the time it was provided, but he did confirm in a very short letter dated 24th June, 2013, that the BVI Structure was created in place of the original trust structure in order to avoid reporting requirements imposed by the French Tax Legislation, in cases where French assets were held in trust, or where assets were created by French residents or for the benefit of French residents.
He did not advise on the 2011 Re- structuring and the use of the BVI Structure.
The Trustee proceeded without considering BVI law advice on the use of the BVI Structure or Jersey law advice on the use of the relevant powers under the trust deeds to place the trust assets into such a structure.
In other words, these assets had been transferred to a BVI Structure which was on the face of it unaccountable.
Mr Dewhurst stated in his affidavit that contrary to his belief that the BVI Structure would act as an effective French wealth tax and reporting shelter, he accepts with the benefit of hindsight and on reviewing the files for the purposes of this application that Maître Tirard did not come to any conclusive view on this, or provide specific advice on the BVI Structure.
Following the implementation of the 2011 Re-structuring, and based upon the advice it had received, the Trustee did not consider the French Tax Legislation applied to the assets held within the BVI Structure, as it no longer considered that the Trusts were in existence.
BVI Structure Privileged & ConfidentialThe BVI structure used by SF to purchase and sell standing timber assets could be challenged by the relevant Chinese authorities as the undertaking of “business activities” within China by foreign companies, which may only be undertaken by entities established within China with the requisite approvals.
Advocate Evans submitted, and the Court agreed, that the application was best dealt with under Article 47H of the Trusts Law, in that it was clear that a number of very relevant considerations were not taken into account by the Trustee when the assets were placed into the BVI Structure and the Trusts terminated.
Although Yoder’s ostensibly theological account of the free church would seem to escape such criticisms, O’Donovan rather sees it as a conformist expression of this secular anthropological “heresy.” The desire to avoid implicating the church in coercion may be laudable, but not when it comes at the expense of the church’s authoritative witness to and mediation of the power of grace.