The Chinese is very close, but just a little bit off, and the original English is missing the subject.
I don't know for certain what may not be given effect to by the BVI court, but my best guess is "monetary damages". If my guess is correct, here is how I would simplify the sentence:
A BVI court may not uphold the monetary damages, whether the court was applying the Foreign Laws or not, if such damages are in the form of a penalty rather than liquidated damages.
(Liquidated damages = a pre-agreed upon amount of damages to be paid to the non-breaching party in the event the breaching party causes any damage to the non-breaching party.)
Or in Chinese:
According to Common Law, liquidated damages are legal and enforceable in court, whereas penalties are not (in Contract Law).