MKS Law contributes to global guide on arbitration enforcement

MKS Law team Dan Wise, Anna Korneva and Jaavonne Taylor have outlined how to enforce arbitration awards in the British Virgin Islands in a new guide about arbitral awards worldwide.

The Enforcement of Arbitral Awards – A Global Guide for Practitioners is produced by our friends at Aarna Law in India and covers a wide range of jurisdictions, celebrating the 125th Anniversary of the Permanent Court of Arbitration (PCA).

Writing a BVI chapter for the new guide, Dan, Anna and Jaavonne note:

“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 team explain how the BVI Arbitration Act 2013 came into force on 1 October 2014, integrating the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration (1985), with amendments.

The Act also contained 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.

The team summarises their chapter, noting:

“Overall, the BVI continues to be a leading pro-arbitration destination. The framework for enforcement of arbitral awards is solid and the approach taken by the court underscores the jurisdiction’s commitment.”

You can view the BVI chapter on arbitration enforcement here.