In the wake of the economic downturn resulting from the global pandemic, a significant increase in fraud cases can unfortunately be expected. There are two principal reasons. Firstly, the seismic changes brought about by the pandemic, including increased reliance on remote working and systems, generally create ripe opportunities for fraudsters. Second, pre-existing or historic frauds are easier to detect when the proverbial tide goes out. History has firmly established this pattern – the discovery of Bernard Madoff’s Ponzi scheme occurred during the 2008 global financial crisis. This article therefore offers a timely synopsis of some of the interim remedies available in the British Virgin Islands (BVI) in order to trace, preserve and recover assets which have been misappropriated as a result of fraud or otherwise.
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When the Tide Goes Out: A BVI Litigation Toolkit for Asset Tracing and Recovery
This article was originally published by Commercial Dispute Resolution.