AMENDED NEVIS LLC ACT

By , September 19, 2017 3:20 pm

I’m leery of using foreign LLC acts to protect the assets of individuals and families residing in the U.S.   I think doing so can create far more problems than it solves.  But many LLC lawyers disagree with me.

Below are the citation, title and first paragraph of a very clear and thoughtful new law journal article about recent amendments to the Nevis LLC Act.

31-OCT Prob. & Prop. 56
Probate and Property
September/October, 2017
Feature
Gary A. Forster
Copyright © 2017 by American Bar Association; Gary A. Forster

THE NEW NEVIS

The Nevis Limited Liability Company (Amendment) Ordinance (NLLCAO), 2015 (the “New Ordinance”) strengthens and clarifies the prior Nevis Limited Liability Company Ordinance (NLLCO) of 1995 (“Prior Ordinance”). Among the improvements made by the New Ordinance are the addition of (1) fraudulent transfer provisions governing assets contributed to a Nevis LLC, (2) language prohibiting enforcement of foreign judgments against member equity, and (3) enhanced limitations on creditor remedies. This article explores several significant aspects of the New Ordinance.

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