(1) This Part applies to claims in the Commercial Division of the Supreme Court sitting in the jurisdiction of the Virgin Islands.
(2) Subject to paragraph (3), in this Part and its practice direction, “commercial claim” means any claim or application arising out of the transaction of trade and commerce and includes any claim relating to —
(a) the law of business contracts and companies;
(b) partnerships;
(c) the law of insolvency;
(d) the law of trusts;
(e) the carriage of goods by sea, air or pipeline;
(f) the exploitation of oil and gas reserves;
(g) the insurance and re-insurance;
(h) banking and financial services;
(i) collective investment schemes,
(j) the operation of markets and exchanges;
(k) mercantile agency and usages; or
(l) arbitration.
(3) In order for a claim to qualify as a commercial claim, the claim or value of the subject matter to which the claim relates must be at least $500,000.
(4) Notwithstanding paragraphs (2) and (3), the Commercial Division judge may include in the commercial list a claim that has not satisfied the monetary value under paragraph (3), if he considers the claim to be of a commercial nature and warrants being placed on the commercial list.