Streamlined bankruptcy rules are due to come into force in June to shield healthy businesses hit by the pandemic

Belgium's Chamber of Representatives has approved (14 March 2021) a bill modifying the current insolvency laws with respect to – and alongside other minor changes – judicial reorganisation, pre-packaged insolvency and fiscal reform.

Background

The British Virgin Islands (BVI) instigated entry restrictions for all visitors in mid-March and is currently operating a full lockdown system for all residents, apart from essential workers.

Financial services firms are working remotely and there has been no interruption to business continuity for the sector.

The adoption of new international guidelines on cross-border insolvency matters by the BVI courts has been welcomed by Ogier insolvency law specialist Nicholas Brookes.

The Judicial Insolvency Network guidelines – drafted in 2016 by ten insolvency judges from international jurisdictions, including a BVI Commercial Court Judge – aim to create co-operation and communication between courts on cross-jurisdiction proceedings, and to minimise the time and expense involved in litigation.