What categories of transaction can be avoided or set aside?
Who is responsible for seeking orders to set aside such transactions?

This Q&A on avoidance transactions is part of a series on restructuring and corporate recovery jurisdiction in the British Virgin Islands.(1)

What are the principal forms of security in the British Virgin Islands in respect of movable and immovable property?
What is the effect on secured creditors of the commencement of an insolvency procedure?

To what extent do courts assist overseas appointees (through recognition) and in what circumstances?
Are there any limitations typically imposed in respect of recognition of an overseas appointee?

What are the principal insolvency procedures for companies in the British Virgin Islands?
Are any of the procedures available on a provisional basis?
What requirements should be satisfied for the procedures to be pursued?

Introduction
Business Bankruptcy Filings
Public Company Bankruptcies
Notable Bankruptcy Rulings
Legislative Developments

One year ago, we wrote that the large business bankruptcy landscape in 2019 was generally shaped by economic, market, and leverage factors, with notable exceptions for disastrous wildfires, liabilities arising from the opioid crisis, price-fixing fallout, and corporate restructuring shenanigans.

The year 2020 was a different story altogether. The headline was COVID-19.

Use, sale or lease of estate property outside ordinary course
Special rules for use of cash collateral
Jevic and distributions inconsistent with the Bankruptcy Code's priority scheme
Claar Cellars
The Bankruptcy Court's Ruling

The ability of a bankruptcy trustee or a chapter 11 debtor-in-possession ("DIP") to use "cash collateral" during the course of a bankruptcy case may be vital to the debtor's prospects for a successful reorganization. However, because of the unique nature of cash collateral, the Bankruptcy Code sets forth special rules that apply to the nonconsensual use of such collateral to protect the interests of the secured creditor involved. The U.S. Bankruptcy Court for the Eastern District of Washington examined these requirements in In re Claar Cellars, LLC, 2020 WL 1238924 (Bankr. E.D.

In This Issue:

U.S. Supreme Court: Creditors May Immediately Appeal Denials of Automatic-Stay Relief

Except for disastrous fires that sparked the largest bankruptcy filing of the year, liabilities arising from the opioid crisis, the fallout from price-fixing, and corporate restructuring shenanigans, economic, market, and leverage factors generally shaped the large corporate bankruptcy landscape in 2019. California electric utility PG&E Corp.