(BVI PLATINUM) – The government has announced that it is working to resume the local operations of the Commercial Court in January 2018. That date was announced by Premier Hon. Dr. D. Orlando Smith in the House of Assembly last week.
The Commercial Court was moved to St. Lucia after sustaining damage during the the passage of Hurricane Irma in September. Premier Smith said the ground floor of the the court was previously damaged by the August 7 floods that doused the Territory.
“Plans were already in place to conduct necessary renovations to the premises prior to Hurricane Irma. We have now obtained estimates for the remedial works to be carried out at the court and are working toward having repairs completed by the end of the year,” Premier Smith stated.
At a different point during the sitting of the House, Premier Smith also confessed that the building which houses court was not insured. This means that the government will have to find ways to fund the cost of repairs to the court.
The Commercial Court is a defining monument of the BVI’s financial services sector, and presides over millions of dollars worth of global investments yearly. It’s operations also fuel local trusts firms and law firms that manage global companies that were incorporated in the BVI.
According to government reports, the Commercial Court has already heard over 100 cases in St. Lucia.