This form is a special power of attorney. The claimant authorizes the attorney, with full power of substitution, to vote on any question that may be lawfully submitted to the creditors of the debtor. This form is data enabled to comply with CM/ECF electronic filing standards. This form is for post 2005 act cases.
Virgin Islands Special Power of Attorney - Form 11B - Pre and Post 2005 Act
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US-BKR-F11B
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How to fill out Special Power Of Attorney - Form 11B - Pre And Post 2005 Act?
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Succession Planning Upon the passing of the settlor of a BVI trust, the trust assets are normally not subject to probate in the settlor's home or any other jurisdiction. The trust allows the beneficiaries to do without the expenses, delay and unwanted publicity associated with a probating process.
The Virgin Islands Special Trusts Act 2003 created a special trust (known as a "VISTA trust") in the British Virgin Islands which exists as an alternative to a non-charitable purpose trust.
A durable power of attorney contains a ?durability clause,? which is a provision permitting your designated attorney-in-fact to act on your behalf in the event you are unable to handle your affairs. A general power of attorney permits your attorney-in-fact to act on your behalf in all of your personal affairs.
Local Requirements BVI trusts are subject to a US$200 Trust Duty payable on the execution of the trust deed. BVI trusts are exempt from all local registration requirements and all BVI taxes if the trust Beneficiaries are not residents of the BVI.
A VISTA trust is, therefore, the ideal structure where a settlor wishes to settle shares in a BVI company on trust for succession planning or other reasons, but wishes to retain control over the management of the company and its assets during his lifetime.
The Beneficiaries, be it individuals, corporate bodies or a class of persons, are required to be sufficiently identified or identifiable in order to be able to benefit from the trust. The settlement deed may empower the Trustee to add or remove Beneficiaries or to exclude them from future benefit.
Generally, all U.S. citizens are required to present a valid U.S. passport when traveling to the British Virgin Islands, as well as proof of anticipated departure from the British Virgin Islands. This includes travelers arriving by airplane and by private sea-going vessel.
The law of the British Virgin Islands is a combination of common law and statute, and is based heavily upon English law.
An Act to provide for the admission of legal practitioners to practise law, for the legal education and discipline of legal practitioners and for connected purposes.
The Legal Profession Act, 2015 of the Virgin Islands Code of Ethics set out in Schedule 4 shall regulate the professional practice, etiquette, conduct and discipline of a legal practitioner.