British Virgin Islands Insolvency Act, 2003 and Related Legislation
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We have prepared this Insolvency Act Compendium as a service to our clients. The principal statute is the Insolvency Act, 2003 of the Virgin Islands and this version incorporates amendments subsequent thereto by the following Acts:
While every effort has been made to ensure the accuracy of the legislation and related material, and it is believed that the only errors are those contained in the official legislation itself (which errors have been faithfully reproduced), no responsibility is assumed for the content. Reference should be made to the official versions of the legislation for an authoritative statement of the law and any subsequent amendments.
The Insolvency Act, 2003 and the Insolvency (Amendment and Consequential Provisions) Act, 2004 were proclaimed in force as of August 16, 2004. The Insolvency (Transitional Provisions) Regulations, 2004 (the “Regulations”) deal with transition matters. The Regulations provide that the Court may make an order in respect of a transaction entered into or created prior to the commencement date (which is deemed to be August 16, 2004) only to the extent it could have made such order under the former law. The Regulations define “former law” as the enactments and rules of law repealed, amended or modified by the Insolvency Act, 2003, the Insolvency Rules, 2004 and any regulations made under the Insolvency Act, 2003. It is a matter of interpretation whether the significant amendments resulting from the Insolvency (Amendment and Consequential Provisions) Act are included in the definition of “former law”.
The provisions of Part III of the Insolvency Act, 2003 have not yet been brought into force. Part III of the Insolvency Act, which encompasses sections 74 through 114, contains the provisions dealing with administration orders.
The provisions of Part XVIII of the Insolvency Act, 2003 are not in force. This Part, which encompasses sections 436 through 465, contains the provisions dealing with cross-border insolvency. The Government of the British Virgin Islands has stated that these provisions will not be brought into force until such time as there is a “level playing field” with respect to the UNCITRAL model on cross-border insolvency, meaning that the model be adopted by many jurisdictions. It is not anticipated that the provisions of Part XVII will come into force any time in the foreseeable future.
Conyers Dill & Pearman
British Virgin Islands
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