British Virgin Islands roadmap on enforcing arbitration
Enforcing an arbitration award in the British Virgin Islands (BVI) is a straightforward but precise process that demonstrates the jurisdiction’s commitment to adhering to international arbitration standards.
The BVI, renowned for its status as a leading offshore financial centre and for its robust commercial legal framework, has established a seamless regime to ensure the efficient recognition and enforcement of arbitral awards.
The BVI Arbitration Act 2013 came into force on 1 October 2014, after the BVI acceded to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958) (New York Convention). The Act integrated the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration (1985), with amendments. The Act contains special provisions on the BVI International Arbitration Centre (IAC) (Part XII), with the BVI IAC Rules applicable if selected by the parties in the arbitration agreement.
It is clear from the posture taken that the BVI has a pro-enforcement approach to arbitration awards. Given the volume and scale of commercial transactions within the jurisdiction, and the popularity of arbitration internationally within the business community, the stance of the BVI courts towards enforcement is unsurprising, making the BVI seat more appealing for parties.
A noteworthy feature of the Act is that it aims to maintain confidentiality of arbitration-related court proceedings. Disclosure of information relating to arbitral proceedings and awards is prohibited, subject to limited exceptions. The court is required not to make orders for publication of a judgment unless the parties agree.