Appointment
The BVI Insolvency Act 2003 (as amended) (the Act) came into force on 16 August 2004. This Act has been modelled on and is very similar to the UK Insolvency Act 1986. The Act introduces for the first time in the BVI the concept of administrators, administrative receivers and company creditor arrangements.
However, while in force in its entirety, the provisions of the Act relating to administration and cross-border insolvency have not yet come into force. As an extension of the Act, the Insolvency Rules 2005 (the Rules) came into force on 30 June 2005 to give effect to and in respect of anything required
or permitted to be prescribed by the Act. Both the Act and the Rules are used hand-in-hand in administering insolvent liquidations in the BVI.
Location