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Developments Coming Soon in
British Virgin Islands (ñBVIî) - Insolvency Legislation
New insolvency legislation is currently being considered by the
BVI Legislature. The legislation is designed to reform the law relating
to the insolvency of companies and foreign companies, partnerships
and individuals and provide, in particular for a mechanism for insolvent
persons to enter into arrangements with their creditors, an administration
procedure for companies, the receivership of BVI companies and foreign
companies, the liquidation of BVI companies, foreign companies,
limited partnerships and partnerships, the making of bankruptcy
orders against individuals, the licensing and regulation of insolvency
practitioners, the penalization and redress of wrong doing associated
with insolvent persons, the disqualification of directors, the avoidance
of certain transactions, the resolution of cross-border insolvency
issues and connected matters.
The legislation should provide certainty to practitioners and re-affirm
the BVI as a desirable jurisdiction to incorporate companies, form
partnerships and otherwise carry on business. The draft bill has
been circulated to the private sector for comment and a revised
draft is likely to be published in the fall, with legislation being
enacted early in 2003. More details will be provided as the legislation
is finalised.
See update below:
November 25,2003
- Update on: British Virgin Islands recent legislation change to
The Insolvency Act 2003
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