New Insolvency Bill

The Bill not only addresses companies incorporated in the BVI, but also foreign companies (the BVI company may appoint a liquidator over a foreign company if it is satisfied that the foreign company has a connection with the BVI). It also allows an administration order to be made directing that the business, assets and affairs of a company be managed by an administrator for a period of time as the Court may direct.

Effective mechanisms for dealing with cross border insolvency are provided by the Bill in promoting cooperation between the BVI Court , insolvency administrators in the BVI and the courts and other competent authorities of foreign countries.

Insolvency practitioners will also be required to be licensed under the Bill.