In relation to a secured party enforcing its rights under a mortgage or charge of shares in a BVI company, the secured party will typically exercise its rights under BVI law to sell the shares or to appoint a receiver in respect of them. Such rights may generally only be exercised after a default has occurred and has continued (without rectification for 14 days following notice of the default) for a period of at least 30 days. These time periods can be shortened by contractual agreement in the relevant security document.
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?
In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021) (Padma), Justice Parker found that the Grand Court of the Cayman Islands (Court) has no jurisdiction to wind up a Cayman Islands exempted limited partnership (ELP) on the basis of a creditors' petition. Instead, the Court found that an unpaid creditor must present a petition against the general partner (GP) of the ELP.
On October 21, 2021, the Italian Parliament has definitively approved the conversion into law of Law Decree no. 118/2021, introducing "urgent measures concerning company crises and business reorganisation, as well as further urgent measures on justice" (the "Decree").
On October 21, 2021, the Italian Parliament has definitively approved the conversion into law of Law Decree no. 118/2021, introducing "urgent measures concerning company crises and business reorganisation, as well as further urgent measures on justice" (the "Decree").
The Cayman Islands Government has published the Companies (Amendment) Bill, 2021 (Bill) which will introduce welcome amendments to the Companies Act (2021 Revision) (Act), to facilitate the efficient restructuring of distressed companies for the benefit of their stakeholders.
Whilst this article has been in the pipeline for some time, the timing of its publication is somewhat apt following the administration of NMCN Plc on 4 October 2021. DWF wishes all those NMCN employees well and hope that they find alternative employment soon. We also hope that the direct and indirect consequences of the administration are not too harshly or widely felt amongst other colleagues in the industry.