This briefing note focuses on the solvent liquidation of non-regulated BVI companies.

The voluntary liquidation of a solvent BVI company is regulated by the BVI Business Companies Act, as amended (BCA). The BCA applies to all companies that have been incorporated, re-registered (whether voluntarily or automatically) or continued as BVI companies under the BCA.

Abstract

This Spring will see the introduction of a number of landmark developments in Jersey’s statutory insolvency regimes, which will further solidify Jersey’s reputation as a leading offshore location for businesses.

Following a consultation process by government, the Jersey legislature has now approved a number of important changes to the corporate insolvency regimes under the Companies (Jersey) Law 1991 (the “CJL”).

On 21 October 2021, the Cayman Islands' legislature gazetted the Companies (Amendment) Bill 2021 (Bill) which introduced a new corporate restructuring process in the Cayman Islands (Cayman). The Bill represents a welcome development to the restructuring regime in the Cayman Islands and once again fortifies the Cayman Islands' standing reputation as a leading offshore financial hub and a popular destination for foreign investment opportunities.

Op 6 december 2021 heeft de Rechtbank Overijssel de burgemeester van de gemeente Hardenberg aangesteld tot mede-curator in het faillissement van De Zorgstal. Dit is een interessante ontwikkeling omdat, voor zover de auteurs bekend, een burgemeester niet eerder is aangesteld tot mede-curator in een zorgfaillissement.

This briefing note explains the distinction between the concepts of dividends and distributions before setting out the main steps involved in paying out dividends and distributions under The Companies (Guernsey) Law, 2008 as amended (the “Companies Law”).

Pre-packs, known as an effective restructuring measure from other jurisdictions, are also permissible in Switzerland.

What is a pre-pack?

The Cayman Islands' legislature has gazetted the Companies (Amendment) Bill 2021 ("Bill") which introduces a new corporate restructuring process and creates a role for a dedicated restructuring officer in the Cayman Islands.

Sinds 1 januari 2021 zijn de Europese insolventieverordening en Brussel Ibis Verordening niet langer van toepassing op het Verenigd Koninkrijk. Bovendien voorziet de handels- en samenwerkingsovereenkomst tussen de EU en het VK niet in een specifiek erkennings- of tenuitvoerleggingsmechanisme met betrekking tot grensoverschrijdende insolventie- en herstructureringsprocedures na Brexit. De vraag rijst dus of en onder welke voorwaarden Belgische rechtbanken Engelse schemes of arrangement en restructuring plans zullen erkennen na Brexit.

Since 1 January 2021, the European Insolvency Regulation and the Brussels I Recast Regulation no longer apply to the United Kingdom. In addition, the EU-UK Trade and Cooperation Agreement does not provide any specific recognition or enforcement mechanism in relation to cross-border insolvency and restructuring proceedings following Brexit. The question thus arises if and under which conditions Belgian courts will continue to recognise UK schemes of arrangement and restructuring plans post Brexit.