New IAC will administer arbitrations
The British Virgin Islands has announced the launch of its International Arbitration Centre (IAC).
The International Arbitration Centre will administer arbitrations under its own rules and will also offer 'ad hoc' or other institutional arbitration.
BVI is well known for the quality of its commercial and appellate courts and for its political stability. BVI is the home to the Eastern Caribbean Commercial Court and its legal system has full recourse into the Privy Council in London.
BVI’s aim is for the IAC to become the regional centre of choice for arbitration arising from business activity worldwide.
While parties will always be free to nominate arbitrators, the BVI IAC will maintain a roster, which, at its inception, will include some 190+ highly regarded international arbitration and dispute resolution practitioners. These will be drawn from both common law and civil law jurisdictions and will be able to conduct arbitrations in a number of languages including English, Spanish, Portuguese, Russian, Chinese, French, German and Italian.
The centre’s Board of Directors is chaired by Mr. John Beechey CBE, former President of the Court of Arbitration of the International Chamber of Commerce. Francois Lassalle, who has considerable experience as a practice manager of a “Magic Circle” law firm in London, has been appointed CEO of the Centre.
BVI IAC will also provide services such as financial administration, logistical and technical support for meetings and hearings, travel arrangements, and general secretarial and linguistic support.
Lorna Smith, OBE, interim director of BVI Finance said: “BVI is a centre of excellence for global business and dispute resolution. It is based on a legal system founded upon English Common law which will enable us to be a leading jurisdiction providing financial services solutions. The launch of the BVI International Arbitration Centre is a pivotal moment for us and underpins our desire to continue to expand the services BVI offers.”
